China vows 'counterattack' as USA trade spat worsens

Apr 07, 2018, 01:53
China vows 'counterattack' as USA trade spat worsens

Then on Tuesday he announced he wanted tariffs on about $50 billion worth of goods coming from China, complaining that American and Chinese corporations aren't playing on field that favors the home team. "China is 60 percent of the world's soybean imports and for us farmers, it's a lot of money".

The two countries have been building towards a trade war since President Trump moved to impose tariffs on USA imports of steel and aluminium products, exempting the European Union and many other nations - at least for now.

China said it would counter US protectionism "to the end, and at any cost", as a war of words over President Donald Trump's proposed tariffs on Chinese imports escalated.

"Within 24 hours of the US publishing its list, China drew its sword, and with the same strength and to the same scale, counterattacked quickly, fiercely and with determination", the paper said in a commentary on Thursday. Foreign companies complain that the initiative will limit or outright block their access to those industries.

Tariffs on a further $100bn worth of Chinese goods would likely expand the scope of Trump's attack to more consumer goods, reports Reuters.

China responded by saying it did not want a trade war, but was not afraid of one, and that the trade conflict had been provoked by the United States.

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The Trump administration is recommending 25 percent tariffs on $50 billion in Chinese imports to protest Beijing's alleged theft of American technology.

The move appeared to irritate Trump.

In a separate development, China seeks consultations with the United States through the World Trade Organization's dispute settlement process - a mechanism in which Trump does so far not appear interested to engage.

Many officials in both countries are urging the two sides to negotiate.

And then on Wednesday, China said it would pursue new import levies on USA soybeans, cars and airplanes, targets that would reach much deeper into the US economy and potentially impact hundreds of thousands of jobs.

As Donald Trump threatens to impose additional tariffs on imports from China, industrial insiders believe the US -initiated tensions will hurt American consumers and companies. But the president's drastic and swift proposal to increase proposed tariffs against China doesn't bode well for negotiations. "In the long-run, losses in manufacturing will lead to decrease in tax revenue and eventually affect China's economic growth." Sen.

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The widely read Global Times is run by the ruling Communist Party's official People's Daily, although its stance does not necessarily reflect Chinese government policy.

Washington is trying to promote technology exports to offset its imports from China and support higher-paying jobs. Australia's S&P/ASX 200 was flat at 5,788.70, but Hong Kong's Hang Seng rose 1.1 percent to 29,844.94 after trading resumed following a holiday as investors caught up with the previous day's global gains. But he says the current standoff is not the beginning of a trade war, and that he's "cautiously optimistic that we'll be able to work this out".

They said: "Importantly, these threatened tariffs will be subject to negotiation, and therefore shouldn't be considered as final".

The statement says the USA move ignores the voices of industry in both countries and the interests of consumers and is not conducive to China, the U.S, and the world's economic interests.

Europe and Japan also have grumbled about the monopolies and other privileges given to SOEs.

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Beijing reported a trade surplus of $275.8 billion with the United States past year , or two-thirds of its global total. Now they are going to be tested. "This is not the Trump administration starting something and China retaliating".