Wednesday, 18 July, 2018

China Blasts US for 'Opening Fire on the Entire World' With Tariffs

The European Union Mexico and Canada have all the hit U.S. with billions in retaliatory tariffs The European Union Mexico and Canada have all the hit U.S. with billions in retaliatory tariffs
Jan Cook | 06 July, 2018, 02:11

And US companies need not apply.

China's customs agency said Chinese tariffs on United States goods would take effect immediately after the USA duties on Chinese goods kicked in, although Beijing has said it will not be the first to pull the trigger.

"In the past few decades, China has always been one of the most popular markets for foreign investors".

While Trump touts announcements of jobs created in steel plants due to the tariffs, manufacturing industries warn that many more jobs will be lost in companies producing autos, auto parts, appliances and other goods that depend on imported components.

Despite the escalating rhetoric and explosive tweets, Senate Minority Leader Chuck Schumer, a Democrat, attacked Presdient Trump last week for not being tougher on China.

The US is under pressure to take on China while it still has the chance with some opposing Democrats even telling the Republican President Trump that a failure to curb China's $13 trillion economy and rapidly expanding wealth and growing global influence. It also has the wherewithal to make rapid technological progress in defense, particularly with air-to-air missile systems that pose a strategic challenge in Asia for the U.S. and its allies.

"China has already made preparations", Lu told a daily news briefing. A separate development strategy envisions China ruling in artificial intelligence by 2030. "Changes in trade policy could cause us to have to question the outlook", he said during a panel talk in Portugal. China is the single largest foreign purchaser of US-manufactured goods - led by transportation, chemical, computer and electronics - outside of North America, according to the National Association of Manufacturers.

In the months since, the tit-for-tat has escalated, with the US threatening successive rounds of tariffs on goods valued at hundreds of billions of dollars.

"A hit to China's exports would act as an additional drag on an economy that already shows signs of losing some growth momentum", said Eswar Prasad, a professor of trade policy at Cornell University.

"The tail risk of a Sino-US trade war is getting fatter", said Chi Lo, greater China senior economist at BNP Paribas Asset Management in Hong Kong.

China, for its part, has not backed down.

Tech companies are on the front lines of this contest for global supremacy.

Brazil v Mexico 02 July 2018
Brazil star Neymar was yet again at his acting best during his team's World Cup last 16 match against Mexico in Samara . Writhing in agony after his right ankle was stepped on by Miguel Layun , Neymar managed to get back on his feet.

But American businesses increasingly are raising their voices in alarm about the potential for dire consequences.

"We've just got to hang on", he said. "Perhaps the Trump administration can only clear its mind after a fight".

The US measures are expected to take effect first, shortly after midnight ET on Friday.

The Trump administration's tariffs on $34 billion worth of Chinese imports is set to kick in on Friday, with the president threatening to impose at least $450 billion worth of Chinese goods if Beijing retaliates. Xi enjoys something closer to life-time job security, thanks to the repeal of Chinese presidential term limits in February. "It is not only because of China's large market size, but it is also because the Chinese market is stable, rational, and committed to the rule of law".

Stocks rose on signs that Washington may ease back on plans for tariffs on European cars, with automaker shares higher across the board, offsetting further signs of trade tension with China.

"Combining this with China's promise to retaliate against US products and agricultural commodities only further erodes the benefits of last year's tax reform, hurting the entire USA economy", Slater said.

Both countries threatened to levy tariffs this week, however, China said it would not be the first to impose the measures.

The US measures target 32 billion dollars of Chinese goods.

"An open trade war with the US, which now seems imminent, would put a damper on China's push to straighten up its economy and to increase its global economic and geopolitical influence", Prasad said. "It would strengthen our ability to sustain the most advanced semiconductor fabs in the United Sates", Shih said.

Is a US-China trade war on the horizon?

Chinese President Xi Jinping invoked this financial commitment at a meeting with USA and European executives in June, telling the room, "We punch back", according to one person familiar with the discussion.

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