USA tariffs take effect, China warns of 'counterattack'

09 July, 2018, 05:35 | Author: Mable Gonzales
  • China EU USA trade war alliance Donald Trump President Xi

"After the United States activated its tariff measures against China, China's measures against the USA took effect immediately", said Lu Kang, a foreign ministry spokesman.

When it comes to China, Trump believes Beijing is using "unfair" trade practices to gain an advantage on the USA, including lax observation of intellectual property law.

Beijing insists it's the injured party.

It added that instead of "serving the interests of U.S. companies and people, the move will prove to be counter-productive and damaging".

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.

President Donald Trump is already threatening additional rounds of tariffs, possibly targeting more than $US500 billion ($A673 billion) worth of Chinese goods, about the total amount of USA imports from China previous year. In a Fargo rally last week aiming to boost Heitkamp's Republican challenger, Rep. Kevin Cramer, Trump said he was seeking "fair and reciprocal" trade relations.

"Worrying development with escalation of tariffs between United States and China".

On Thursday, a spokesperson for China's ministry of commerce said the United States will be "opening fire on the whole world and also opening fire on itself".

The big question is how far the hostilities between Washington and Beijing will go.

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China implemented retaliatory tariffs on USA goods just after noon on Friday, immediately after the US began collecting additional tariffs on Chinese imports, the official Xinhua News Agency reported, citing an unnamed spokesperson from China's General Administration of Customs. It said they would damage the global economy unless other countries stop them.

But Trump has said his administration will respond to retaliation from Beijing with much bigger waves of tariffs, raising the prospect of worsening tit-for-tat reprisals. Analysts say the added expense of China's 25 percent tariff on USA soybeans will effectively block the product from entering the Chinese market. "So we have 50 plus 200 plus nearly 300", he said. Soybeans to be loaded in August at the nation's Paranagua port fetched $2.21 a bushel more than Chicago futures as of Friday, the widest gap since data starts in 2014.

According to a Rhodium Group report, Chinese direct investment in the United States was estimated to be US$1.8 billion in the first five months of 2018, down 92 percent from the same period past year. China initially named cranberries as one of the products they would tax, a move aimed at House Speaker Paul Ryan's district in Wisconsin.

"We also make flags for Trump for 2020".

Erin Ennis, senior vice-president of the US China Business Council, said there was a danger the two sides will dig in on trade sanctions without a clear strategy for resuming negotiations. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry. "The real battle will be on the flanks", in unnecessary inspections, quarantines, and heightened scrutiny, said James Zimmerman, a partner in the Beijing office of Perkins Cole LLP, an worldwide law firm, the Post reported.

Growing jitters over the past few weeks over a stepped-up trading dispute between the world's two largest economies had weighed on the markets well ahead of Friday, when Beijing and Washington launched dueling tariffs on billions in goods.

What does it mean for the world economy?

"Trade war is never a solution", Li said at a news briefing with Bulgarian Prime Minister Boyko Borissov in Sofia.

"If we lose that, my son will spend the rest of his lifetime trying to get that back", he said.

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