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World China Vows Fightback Against Trump’s Proposed $200 Billion Tariff Threat

18:07  11 july  2018
18:07  11 july  2018 Source:   msn.com

Global economy 'under threat'

  Global economy 'under threat' World Trade Organization warns growth is in jeopardy as the number of tariff barriers doubles.In its most sober assessment of the growing tariff war between the US, European Union and China, the WTO said the global system of agreed trade rules was at "potentially large risk".

China vowed to fightback against the Trump administration’ s plans to impose tariffs on an additional $ 200 billion in Chinese goods, escalating a trade war between the world’ s two biggest economies.

China vowed to fightback against the Trump administration’ s plans to impose tariffs on an additional $ 200 billion in Chinese goods, escalating a trade war between the world’ s two biggest economies.

China vowed to fightback against the Trump administration’s plans to impose tariffs on an additional $200 billion in Chinese goods, escalating a trade war between the world’s two biggest economies. 

Beijing described the latest U.S. move as "totally unacceptable" bullying, and urged other countries to join China to protect free trade and multilateralism. China promised to lodge complaints at the World Trade Organization but didn’t detail what its retaliatory measures would be. 

Comment: Sorry Donald, no one is going to 'win' your trade war

  Comment: Sorry Donald, no one is going to 'win' your trade war The first real shots in the US trade war on China were fired and returned on Friday. Markets are surprisingly, perhaps mistakenly, complacent.The US stock and bond markets, and currency markets, digested the $US34 billion of new tariffs the Trump administration announced on Friday, and China’s quick matching response, with ease.

HONG KONG, July 11 — China vowed to fightback against the Trump administration’ s plans to impose tariffs on an additional US$ 200 billion (RM805.6 billion ) in Chinese goods, escalating a trade war between the world’ s two biggest economies.

(Bloomberg) -- China vowed to fightback against the Trump administration’ s plans to impose tariffs on an additional $ 200 billion in Chinese goods, escalating a trade war between the world’ s two biggest economies.

"China is shocked at the U.S. action," the Commerce Ministry said in a statement on its website Wednesday. "To protect the core interests of the nation and its people, China’s government is, as in the past, forced to retaliate." 

The response came hours after the Trump administration released a proposed list of thousands of products on which it plans to impose 10 percent tariffs, ranging from vacuum cleaners and windshield wipers to sterling silver spoons and badger hair. The U.S. omitted some high-profile items like mobile phones. 

The news sent markets skidding in Asia as Chinese stocks tumbled and the yuan weakened.

a screenshot of a cell phone © Bloomberg   

If the proposed tariffs go into effect after public consultations end on Aug. 30, duties implemented by the administration aimed squarely at China will cover nearly half of all U.S. imports from the Asian nation.

How China could hurt US once it ran out of imports to tax

  How China could hurt US once it ran out of imports to tax Some of those steps might hurt China's own interests. But Beijing might still be willing to deploy them, at least temporarily, if its trade war with Washington were to drag on.In his trade war with China, President Donald Trump wields one seeming advantage: The United States could ultimately slap tariffs on more than $500 billion in imported Chinese goods. Beijing has much less to tax: It imported just $130 billion in U.S. goods last year.

The Trump administration on Tuesday announced a list of tariffs on $ 200 billion in Chinese goods, making good on the president’ s recent threats to escalate a Despite the president' s threats , China implemented retaliatory tariffs on the U. S . shortly after the billion went into effect last week.

/ (Bloomberg) -- China vowed to fightback against the Trump administration’ s plans to impose tariffs on an additional $ 200 billion in Chinese goods, escalating a trade war between the world’ s two biggest economies.

Some members of Trump’s own Republican party are calling the trade war unwise while American businesses and economists warn it could derail the strongest global upswing in years.

Fresh U.S. tariffs would also come at a time when the Trump administration is seeking Beijing’s help reining in North Korea’s nuclear-weapons program. With little sign of continued formal negotiations, the two powers appear headed toward a protracted trade conflict that may undermine growth and shake up corporate supply chains.

Li Yong, a senior fellow at the China Association of International Trade in Beijing said one retaliatory tactic China could deploy would be a bigger push to attract foreign investment, just not from the U.S.

"The U.S. closed the door for negotiations," Li said. "It’s up to them to open the door again."

U.S. officials argue they had no choice but to move forward on the new tariffs after China failed to respond to their concerns over unfair trade practices and Beijing’s abuse of American intellectual property, according to two senior officials who spoke to reporters. High-level talks between the world’s two largest economies starting in May failed to deliver a breakthrough to head off a trade war.

US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs

  US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs President Donald Trump's administration is nearing the release of a list of $US200 billion worth of Chinese exports to the US that could be subject to a new 10% tariffs.Load Error

BEIJING (AP) — China ' s government vowed Wednesday to take "firm and forceful measures" as the U. S . threatened to expand tariffs to thousands of Chinese imports like fish sticks, apples and French doors, the latest salvo in an escalating trade dispute that threatens to chill global economic.

China ' s government has criticized the latest U. S . threat of a tariff hike as "totally unacceptable" and vowed to retaliate in their escalating trade war. A possible second round of tariff hikes announced Tuesday by the U. S . Trade Representative targets a $ 200 billion list of Chinese goods.

“For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” U.S. Trade Representative Robert Lighthizer said in an emailed statement. “China has not changed its behavior -- behavior that puts the future of the U.S. economy at risk."

The White House move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it “reckless” and not “targeted.”

The Retail Industry Leaders Association, a lobbying group, said U.S. businesses and consumers will lose from the administration’s trade battle. “American retailers and the families we serve barely had time to process the barrage of tariffs implemented last week,” Vice President of International Trade Hun Quach said in a statement. “Now, we will need to grapple with new tariffs on an additional $200 billion worth of imports, which are bound to include even more consumer products and everyday essentials.”

The Trump administration on July 6 imposed 25 percent duties on $34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites.

Trump administration announces $US200 billion in extra China tariffs

  Trump administration announces $US200 billion in extra China tariffs The US is planning to implement 25 per cent tariffs on a further $US16 billion ($22 billion) worth of Chinese imports within the next fortnight.The office of US Trade Representative Robert Lighthizer has released a list of Chinese products, running to almost 200 pages, that will potentially be hit with a 10 per cent import tax as early as September.

A possible second round of tariff hikes announced Tuesday by the U. S . Trade Representative targets a $ 200 billion list of Chinese goods. President Donald Trump has threatened higher tariffs on more than 0 billion of goods, or nearly all of China ’ s annual exports to the United States.

China ' s government on Wednesday, July 11, 2018, has criticized the latest U. S . threat of a tariff hike as "totally unacceptable" and vowed to retaliate in their A possible second round of tariff hikes announced Tuesday by the U. S . Trade Representative targets a $ 200 billion list of Chinese goods.

China immediately retaliated with duties on the same value of U.S. goods, including soybeans and cars.

Dollar-for-Dollar

In addition, the U.S. is considering duties on a further $16 billion in Chinese goods, after a public hearing later this month. China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs.

“The internal political dynamics in both countries make it unlikely that either side will stand down and offer conciliatory measures that could deescalate tensions and lead to a resumption of negotiations,” Eswar Prasad, a professor of trade policy at Cornell University, said in an email.

So far, tariffs imposed by the two countries are expected to have a modest impact on growth and inflation, economists estimate. But duties on more than $200 billion in Chinese imports may push the trade war into territory where it begins to bite meaningfully into growth. A full-blown global trade war would shave 0.4 percentage point off world growth, according to Bloomberg Economics.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates U.S. intellectual-property rights, such as by forcing American firms to hand over technology.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products. There is no justification for such action,” Lighthizer said.

— With assistance by Enda Curran, Miao Han, Jenny Leonard, Andrew Mayeda, and Xiaoqing Pi

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