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China Warns Of Retaliation If US Takes More Trade Steps

04 August 2018

Beijing said it would be forced to take countermeasures to defend Chinese interests, free trade and the worldwide order.

Washington already applied last July 6 tariffs of 25 percent on Chinese products valued in 34 billion dollars per year, under the argument of facing alleged disloyal practices of the Asian country related to the acquisition of intellectual and technological USA property.

China is threatening to impose the tariffs on a wide range of products, including chemicals, plastics and leather goods, according to business groups representing those industries. But they have rejected changing technology development plans they see as a path to prosperity and global influence.

While a poor PMI for one month doesn't necessarily signal a new trend, it does highlight the risk that the trade dispute is starting to hit economic growth.

For the Trump administration, the possible bulk export of soybean to Europe has eased some pressure as the USA provides subsidies worth $12 billion for farmers, even though the hold on tariffs on European cars and auto parts while negotiating the best deal for a "zero-tariff" trade regime will increase the pressure on the United States automobile sector.

"China is fully prepared for the United States' threats to escalate the two countries' trade war and will have to fight back to defend its dignity and the interests of its people", it said in a statement posted on its website.

The U.S. has said a second round on 16 billion dollars in Chinese imports could be implemented soon.

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The Associated Press also found that Twitter suspended 56 million such accounts in the last quarter of 2017. Google parent company Alphabet, however, is having a strong week after reported earnings on Monday.

The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without.

Economic expansions tend to be cyclical, and even within each expansion there are spurts of rapid growth followed by more sluggish intervals, so the administration can not count on the recent spurt to be sustained.Businesses are already starting to report widespread increases in input costs, in part as a result of steel and aluminium tariffs.

While a trade dispute is obviously not comparable to a shooting war, the current U.S. That prompted concern among American companies that retaliation might expand to disrupting their operations in China. Is the United States trying to put tariffs on its own companies?

Trump's tariffs target goods the White House says benefit from industrial policies such as "Made in China 2025", which calls for developing Chinese competitors in robotic, artificial intelligence and other fields. For example, the 25 percent tariffs that the U.S. had threatened to impose on European Union cars and auto parts would have resulted in job losses leading to social problems in countries such as Germany.

Foreign ministry spokesman Geng Shuang called Washington's actions "blackmail" and urged the United States "to return to rationality and not act on impulse".

The odd thing is that crude oil and LNG aren't subject to any formal trade tariffs, and they appear most affected, while steel, which is the target of US tariffs, is performing strongly.

Representatives of US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have been speaking privately as they seek to restart negotiations to defuse the budding trade war, Bloomberg reported, citing sources. -China trade at the Chinese Academy of Social Sciences in Beijing, said the tensions have reached a "critical moment".

China Warns Of Retaliation If US Takes More Trade Steps