Tuesday, 17 July, 2018

China: 'We're Ready to Retaliate Against US Tariffs'

Chinese company producing Donald Trump's flags for re-election campaign despite looming trade war China: 'We're Ready to Retaliate Against US Tariffs'
Russell Knight | 07 July, 2018, 00:55

The Chinese have retaliated in equal measure, opening the possibility of tit-for-tat tariff escalation, which could disrupt existing worldwide network of supply chains, and slow down the global economy, which was yet to fully recover from the 2008 recession.

Trump has threatened to further escalate the trade conflict between the world's two largest economies with tariffs on as much as $450 billion worth of Chinese goods if China retaliates, as the initial round of tariffs take effect at 12.01 am EDT on Friday.

"We have $34 billion tonight, then another $16 billion in two weeks", Trump said en route to Montana as reported by CBS.

He added: "We have $200 billion in abeyance and then. we have $300 billion in abeyance. OK?"

China officials had vowed to go toe to toe with the White House and levy increased and expanded tariffs on July 6 - the same date President Trump promised to jack up duties on Chinese products imported into the US. The latest set of levies target 818 Chinese product lines in industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials and automobiles, USTR list released earlier had stated. "We buy stuff from America, and America is buying stuff from China".

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China has said it will not "fire the first shot" in a trade war with the United States, but its customs agency made clear on Thursday that Chinese tariffs on American goods would take effect immediately after U.S. duties on Chinese goods are put in place. It asserted that Washington's move would trigger market turmoil across the globe, obstruct economic recovery, and pose a "grave threat" to the security of industrial value chains. "To put it simply, the U.S.is opening fire on the entire world, including itself".

Gao told reporters that China's foreign trade is expected to continue on a stable path in the second half, though investors fear a full-blown Sino-U.S. trade dispute will deal a body blow to Chinese exports and its economy.

The Chinese government responded quickly to the as President Donald Trump's tariffs went into effect at midnight ET on Friday.

In a commentary, the state-run tabloid Global Times said that China was ready for a fight.

China also has plans for a second round - but no start date - that would affect $16 billion of such United States goods as chemicals, coal, crude oil and medical devices.

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