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Technology China says it won't give in to U.S. 'blackmail' on trade tariffs

19:02  11 july  2018
19:02  11 july  2018 Source:   msn.com

Trump OKs tariffs on $50 billion in Chinese products: report

  Trump OKs tariffs on $50 billion in Chinese products: report Trump OKs tariffs on $50 billion in Chinese products: reportThe Trump administration is working on an updated list of Chinese goods that will be hit with tariffs, and is expected to release a refined list on Friday, according to the Bloomberg report.

China fired back at President Donald Trump’s latest tariff escalation, saying it won ’ t yield to “ blackmail .” Vice Minister of Commerce Wang Shouwen said he’s baffled at how the U . S . administration appeared to put a trade war on hold after talks in May, only to slap tariffs on Chinese

China Says It Won ' t Back Down in a Trade War Started by Trump. Read more: Trump Tariff Barrage Pushes China Feud to Point of No Return. The tariffs , which could go into effect as soon as this fall, are in addition to the 25 percent duties Trump imposed on billion worth of Chinese goods

(Bloomberg) -- China fired back at President Donald Trump’s latest tariff escalation, saying it won’t yield to “blackmail.”

Vice Minister of Commerce Wang Shouwen said he’s baffled at how the U.S. administration appeared to put a trade war on hold after talks in May, only to slap tariffs on Chinese imports a few days later.

“If one party does not honor its words, talks cannot succeed,” Wang said in an interview in Geneva on Wednesday. For negotiations to succeed, “no party should point a gun at the other party,” he said.

a person in a suit and tie: Chinese Vice Minister of Commerce Wang Shouwen.© Bloomberg Chinese Vice Minister of Commerce Wang Shouwen.

Wang Shouwen on July 11.

The U.S. is escalating its trade war with China by starting a process to impose 10 percent tariffs on $200 billion worth of Chinese goods. The levies announced Tuesday, together with some $50 billion in the works, stand to raise import prices on almost half of everything the U.S. buys from China.

China vows to retaliate 'immediately' to US tariffs

  China vows to retaliate 'immediately' to US tariffs China vowed to "immediately" retaliate to US tariffs on Friday as Washington moved closer to imposing duties that could trigger a trade war. US President Donald Trump is due to unveil later Friday a final list of roughly $50 billion in Chinese imports that would face punishing tariffs, though his administration has not yet publicly said when the measures will be imposed.

China similarly said that it won ’ t “sit idly” and will take “necessary measures.” According to Kateb, the growing conflict over US-EU trade tariffs could also affect the West' s policy toward Russia. China “never yields to threat or blackmail ,” Wang said in separate written comments to Bloomberg.

Wang said China won ’ t hesitate to retaliate against the Trump administration’s “completely groundless” tariffs announced on Tuesday. World Trade Organization officials are concerned that if the U . S . and China engage in a tit-for-tat trade war using unilateral domestic laws rather than the WTO’s dispute

China “never yields to threat or blackmail,” Wang said in separate written comments to Bloomberg. “The U.S. side ignored the progress, adopted unilateral and protectionist measures, and started the trade war.”

Read more: Trump Tariff Barrage Pushes China Feud to Point of No Return

The tariffs, which could go into effect as soon as this fall, are in addition to the 25 percent duties Trump imposed on $34 billion worth of Chinese goods July 6.

Talks Stalled

The world’s two largest economies haven’t held publicly announced talks since a visit to Beijing by U.S. Commerce Secretary Wilbur Ross in June that achieved no breakthroughs.

While China “demonstrated utmost sincerity to stabilize trade relations with the U.S,” the Trump administration “did not honor its words, chopping and changing all the time,” Wang said.

U.S. announces tariffs on $50B in China imports

  U.S. announces tariffs on $50B in China imports U.S. announces tariffs on $50B in China imports8 a.m.

The tariffs on China by the Trump administration shift what has primarily been a war of words between Washington and Beijing into a full-blown trade Employees at a manufacturing plant in McKeesport, Pa., earlier this year. China said it will hit back by imposing its own tariffs on United States

Aug.01 -- The Trump administration is ramping up the trade pressure by confirming its considering steeper tariffs on 0B worth of Chinese imports. Beijing said it would always respond in kind and condemns what it calls " U . S . blackmail ." Bloomberg's Malcolm Scott reports on "Bloomberg Markets

“The U.S. behavior represents a typical ‘trade bully,’ posing a grave threat to the global value chain,” Wang said. “It will hamper global economic recovery, hurting many businesses and ordinary people around the world. It will harm the interest of companies, employees and consumers in both China and the U.S.”

Retaliation Threat

Wang said China won’t hesitate to retaliate against the Trump administration’s “completely groundless” tariffs announced on Tuesday. He defended Beijing’s response to the last round of American duties, saying its measures are in line with domestic law and international rules.

World Trade Organization officials are concerned that if the U.S. and China engage in a tit-for-tat trade war using unilateral domestic laws rather than the WTO’s dispute settlement processes they will undermine the Geneva-based organization’s ability to arbitrate global trade conflicts.

“It’s time for anyone who cares about the health of the economy to sit up and take notice,” WTO Director-General Roberto Azevedo said in a July 5 tweet.

(Updates with interview comments in third paragraph.)

To contact the reporter on this story: Bryce Baschuk in Geneva at bbaschuk2@bloomberg.net

To contact the editors responsible for this story: Alan Crawford at acrawford6@bloomberg.net, Tony Czuczka, Richard Bravo

©2018 Bloomberg L.P.

Trump administration ups ante in trade fight with China .
U.S. now considering slapping a 25 percent tariff on hundreds of billions in Chinese imports, ratcheting up tensionsThe U.S. has already imposed 25 percent tariffs on $34 billion in Chinese imports and is readying 25 percent tariffs on another $16 billion worth to punish China for allegedly using predatory tactics to obtain U.S. technology. The Chinese have retaliated in kind.

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