China to 'fight back' against any threatened United States tariffs

Trump escalates China trade war with extra tariffs

Trump escalates China trade war with extra tariffs

Mr Trump said that if China responds to this fresh round of tariffs, then he will move to counter "by pursuing additional tariffs on another 200 billion dollars of goods".

In response, China has threatened what it called "comprehensive measures", raising the risk that it would target major American companies operating in China.

"Most damaging for businesses and investment is perhaps rising uncertainty caused by lasting trade disputes, which could delay or significantly change business and investment decisions", warned economists at UBS.

As analysts appearing on various US TV channels noted, so far, the US seems to have the upper hand in this trade war, Trump said he has already directed his legal team to start implementing the additional tariffs. The administration also revived its complaints Tuesday about America's gaping trade deficit with China, which it says reflects an unfair trading relationship.

The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports. Those tariffs, set to start taking effect July 6, were matched by China's threat to penalize USA exports.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology".

The tit-for-tat penalties could escalate further yet: Trump threatened tariffs on $200 billion more in Chinese products if Beijing lashes back again.

"If the United States loses its senses and comes up with a new list, China will be forced to strike back hard, and launch comprehensive measures that match the USA move in quantity and quality", the Chinese Commerce Ministry said in a statement Tuesday.

That is approaching the total value of all goods that China exported to the United States in 2017. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", Trump said.

Chinese companies listed in the USA took sharp losses.

Computer chip makers NVIDIA and Qualcomm fell 1.86 percent and 0.84 percent respectively on the Nasdaq as a result of their exposure to China. Boeing's stock shed 4.3 percent, Caterpillar 4 percent and GE 2.2 percent.

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China's Commerce Ministry criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".

Trump had announced a 25 percent tariff on up to $50 billion in Chinese imports.

China's Commerce Ministry on Tuesday criticized President Trump's latest threat of tariffs, calling it an "act of extreme pressure and blackmail".

The ministry said it would fight back with "quantitative and qualitative" measures, suggesting Beijing's countermoves could go beyond tariffs, deepening the rift between the two countries.

Asian benchmarks were hit the hardest, with Shanghai closing down 3.78 percent, its biggest drop in two years, and Shenzhen down 5.31 percent.

The National Retail Federation asked Congress to intervene for US business on the tariffs issue.

One in five foreign companies in China feels compelled to hand over technology for market access, a business group said Wednesday, highlighting a key irritant in an escalating U.S.

It could also target high-tech goods, such as aircraft and their spare parts, which is one of the few sectors where the United States exports more than it imports.

The initial list of 1,102 Chinese products facing tariffs, covering 28 closely printed pages, was issued June 15.

In 2017, China imported 60 percent of total US soybean exports, representing almost 1 in 3 rows of harvested soybeans, with a value of $14 billion. Soybeans are on the list - a direct shot at a swath of Trump supporters in the American heartland. Around 3 million Chinese visit the United States annually spending tens of billions of dollars. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.

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