China Hits Back After US Imposed Tariffs Worth $34bn
China Hits Back After US Imposed Tariffs Worth $34bn
US-China trade war official starts as tariffs imposed on $34B in Chinese goods
09 July, 2018, 05:34
"After the U.S. activated its tariff measures against China, China's measures against the United States took effect immediately", said Lu Kang, a foreign ministry spokesman.
The Trump administration accuses China of building its emerging industrial dominance by "stealing the crown jewels" of American technological know-how through cyber-theft, forced transfers of intellectual property, state-sponsored corporate acquisitions and other underhand practices.
Beijing insists it's the injured party.
Trade issues aside, the investment environment in the United States has deteriorated recently, leading to fears that foreign investment into the country could decline significantly.
Some major Chinese ports delayed clearing goods from the United States, sources said, potentially disrupting imports worth billions of dollars as the world's top two economies head towards a trade war.
"This will impact growers coast to coast", Grondine said. "'Cause China - and I have great respect for President Xi, and for China - they've been killing us". "To put it simply, the U.S.is opening fire on the entire world, including itself", Gao said.
The big question is how far the hostilities between Washington and Beijing will go.
Economists say that if the back-and-forth stops there, the overall impact on both economies will be minimal even though some industries will suffer.
Trump also said the USA is ready to target an additional $200bn in Chinese imports - and then $300bn more - if Beijing does not yield to USA demands and continues to retaliate. Trump said. "So we have 50 plus 200 plus nearly 300". "This tranche of tariffs on both exports and imports threatens our nation's prosperity, and will imperil millions of jobs if allowed to persist".
The U.S. pork industry previous year sent $1.1 billion worth of product to China, making it the third largest export market after Japan and Mexico.
China's tariffs on hundreds of U.S. goods include top exports such as soybeans, sorghum and cotton, threatening USA farmers in states that backed Trump in the 2016 U.S. election, such as Texas and Iowa. If China is cheap, they go to China.
The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union.
China said it would respond with measures of a "corresponding number and quality" if the U.S. produced a list of products that could be hit. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry.
There was no sign of renewed negotiations between U.S. and Chinese officials before Friday, business sources in Washington and Beijing said.
The spectre of a full-blown trade war also risks sinking China's markets deeper into bear territory.
The ongoing trade war between United States and China, the two largest economies of the world, will affect Bangladesh's global trade in the long run along with some immediate negative impacts on its economy, economists say.
The two giant economies appear ready to see which side can endure the most pain.
Judging from developments between the world's two largest economies, the trade row is more likely to get worse and worse with no quick fix in sight.
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