China vows to hit back over new US tariffs

Chairman Xi speaks at the National People’s Congress in Beijing

The proposed new round of USA tariffs mark a sharp escalation in a trade war between the world's two largest economies, which each began levying 25 per cent tariffs on US$34 billion worth of goods against the other on July 6, with tariffs on another US$16 billion in goods on the cards.

China gave no details, but it has plenty of options to retaliate that could extend beyond additional tariffs on U.S. imports.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates United States intellectual-property rights, such as by forcing American firms to hand over technology.

"But China's reaction to the USA tariffs could pose a far greater threat to the index in time".

"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

"The Chinese side is shocked by the actions of the USA", a statement on the ministry's website declared. However, because China exports more to the United States than it imports there are limits on the amount of tariffs Beijing can impose on American goods.

The news sent stocks tumbling, with China's markets leading the declines, and prompted a senior Chinese commerce ministry official to warn that the United States was harming the global trade order.

Donald Trump is readying tariffs on another $200 billion in Chinese imports, escalating a trade war between the world's two biggest economies.

On Tuesday, U.S. officials issued a list of thousands of Chinese imports the Trump administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum, prompting criticism from some U.S. industry groups.

"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", he said in a statement.

The list is subject to a two-month public comment period before taking effect.

More news: Donald Trump pushes North Atlantic Treaty Organisation allies to double their defence spending

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 percent, while the main indexes in Hong Kong and Shanghai fell more than 2 percent.

If the United States were to impose tariffs on oil, US oil sellers would have to look for other destinations and attract new customers, which could cost them more.

"But more tariffs like these will punish America's manufacturing workers - and could undermine our hard-won gains thanks to tax and regulatory reform".

"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chairman Orrin Hatch in a statement.

Louis Kuijs, Hong Kong-based Head of Asia Economics at Oxford Economics, said while he expects China to strongly condemn the USA moves, its policy response is likely to be limited for now.

They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory.

According to its detailed notice on the process to come, USTR aims to conduct hearings in late August, which means that the earliest possible implementation date for the additional $200 billion in tariffs can be in September.

"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy".

As its dispute with Washington deepened, Beijing has been calling on other countries to support global free trade and has talked up efforts to ease investment rules. During a visit to Germany this week by Chinese Premier Li Keqiang, the countries signed business deals worth more than $23 billion.

But Trump has said continuously that China has taken advantage of the USA economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450 billion.

Related News:

  • Justin Bieber and Hailey Baldwin are reportedly planning a 'very small wedding'

    Justin Bieber and Hailey Baldwin are reportedly planning a 'very small wedding'

    Canadian pop sensation Justin Bieber has just confirmed his engagement with the "love of his life" Hailey Baldwin . One clever reporter got close, managing to elicit a response from Gomez about Davidson and Grande's engagement .
    Former UCLA basketball player found dead after posting video on mental health

    Former UCLA basketball player found dead after posting video on mental health

    Knight was a fantastic player for the Bruins between 1997 and 2002, but unfortunately is yet another UCLA alum gone too soon. When he wasn't picked in the 2002 National Basketball Association draft, Knight played professionally in France and Japan.
    Japanese nurse poisons 20 patients

    Japanese nurse poisons 20 patients

    Police zeroed in on Kuboki after analyzing hospital worker uniforms, finding that only hers carried traces of the chemical. The Asahi Shimbun also reported she had admitted injecting the drips of around 20 patients with disinfectant.
  • Incredible operation in pictures: All 12 boys, coach rescued from Thailand cave

    Incredible operation in pictures: All 12 boys, coach rescued from Thailand cave

    A Thai navy SEAL diver told AFP news agency the boys were sleeping or partially conscious as they were carried out of the cave. They were found dishevelled and emaciated but alive on a muddy ledge 4km inside the cave nine days after they went missing.
    Scrapped drill with South Korea would have cost US$14m: Pentagon

    Scrapped drill with South Korea would have cost US$14m: Pentagon

    KCNA, the official North Korean news agency, put out several detailed reports about Kim's trip , according to multiple reports. It is based on a computerised command-and-control drill that Pyongyang considers a highly provocative rehearsal for invasion.

    Stormy Daniels arrested in OH while performing a strip show

    Adult film star Stormy Daniels has been arrested at a strip club in OH after being accused of allowing a customer to touch her. Lawyer Michael Avenatti is representing adult film actress Stormy Daniels who has sued President Donald Trump .
  • Samsung Galaxy S10 To Have Side Fingerprint Scanner

    Samsung Galaxy S10 To Have Side Fingerprint Scanner

    There will be twin 12 megapixel sensors, one telephoto and one wide-angle, supplemented by a 16 megapixel ultra-wide-angle camera. If you turned-off automatic app updates on your device, you can go to the Galaxy Apps update section and manually update the app.
    Engineer Charged With Stealing Apple's Self-Driving Car Secrets

    Engineer Charged With Stealing Apple's Self-Driving Car Secrets

    After he informed his supervisor of the decision to leave Apple, the latter proceeded to call Apple's security officials. If those charges lead to a ruling against Zhang, he could face up to 10 years in prison and up to $250,000 in fines.
    Exhausted  and battered, Croatia reaches its 1st World Cup final

    Exhausted and battered, Croatia reaches its 1st World Cup final

    Croatia's dream goes on while England wake up. "We are about mental strength and solidarity, working for each other". And, specifically for the crowds back in England, it was a chance to fling all those pints of beer high overhead.
  • Trump, May get Croatian jerseys ahead of England SWC semi final

    Trump, May get Croatian jerseys ahead of England SWC semi final

    France President Emmanuel Macron was on hand for the game in St Petersburg and came down to the dressing room to celebrate with the players and staff.
    Nadal defeats Del Potro in five sets to reach Wimbledon final four

    Nadal defeats Del Potro in five sets to reach Wimbledon final four

    Del Potro made him pay as he pounced on his first chance to raise the prospect of another upset on day nine. The dogfight Nadal feared and Del Potro knew was his only route to the semi-finals had begun in earnest.
    NFL Supplemental Draft 2018: Sam Beal Headlines Players Selected

    NFL Supplemental Draft 2018: Sam Beal Headlines Players Selected

    To make room for Alexander on the roster, the Redskins waived punter Sam Irwin-Hill after signing him as a free agent in March. Each group has its own lottery drawing to determine the order, which is decided shortly before the supplemental draft starts.


Most liked

Sunaidy takes part in Erdogan's inauguration ceremony
Turkey also faces a widening current account deficit making it reliant on weak foreign investment to plug the gap. In a tweet, Maduro hailed Erdogan as a "friend of Venezuela and leader of the new multi-polar world".

Liberal Media Attack Trump for Being 'Against' Mothers Who Nurse Their Babies
Describing radical anti-formula efforts as "encouragement of breastfeeding", as media reports did, is extremely tendentious. The U.S. stance on the health issue was enough to draw heated reaction from a number of progressive-leaning websites .

Rees-Mogg launches bid to put brakes on May’s Chequers Brexit plans
Former Tory leader William Hague warned MPs could lose out on Brexit if they did not back the PM. The British government is due to publish a detailed version of the plans on Thursday.

LONDON FALLING: US Embassy Warns Americans of 'VIOLENT' PROTESTS During Trump Visit
Nearly all of Trump's activities will be outside the city: He'll meet the Queen at Windsor Castle, not Buckingham Palace. After the visit , Trump will decamp to Finland for a one-on-one with Russian President Vladimir Putin on July 16.

Roy Keane Didn't Have Much Sympathy For 'Sloppy' England After Loss
Apparently, the former Labour leader was also upset and took to Twitter to blast the reaction of Roy Keane in the ITV studio. As fellow pundits Gary Neville and Lee Dixon laugh, Wright says: "We weren't talking about the final, we were having a laugh.

What You Need to Know About Brett Kavanaugh, Trump’s Supreme Court Pick
Senators - Gary Peters and Debbie Stabenow - are Democrats, and both said they have serious concerns with Kavanaugh's nomination. However, Brewer said she does not think McCain will make it back to the Senate in order to vote on the Kavanaugh confirmation.

Royal family: Queen and Prince Philip to miss Prince Louis' christening
The Duchess of Cambridge appeared to make a special gesture to involve her tragic mother-in-law in her grandson's christening. The Duke and Duchess of Cambridge also announced their youngest son's godparents a few hours before the service.

Perisic hails 'dream' goal as Croatia reach final
Kane kept a dignified silence when Liverpool's players were having fun at his expense, and now is the time to make Lovren pay. As the Tottenham full-back remarked only last week when he was compared to David Beckham , "not bad for a lad from Bury".

Final Rescue Mission For Trapped Thai Boys' Football Team Is Underway
Officials were not immediately available to comment on who had been brought out, and it was not clear what condition they were in. Narongsak Osatanakorn, the official overseeing the rescue operation , said the boys should not be blamed for the near tragedy.

Tragic mum exposed to a high dose of novichok
A post-mortem examination of Ms Sturgess, from Durrington, is due to take place and her family has been informed, police said . Both she and Rowley were admitted to Salisbury District Hospital, the same hospital where the Skripals were treated.

England hold their heads high despite pain of World Cup loss
Another football fan flying to Croatia to watch the game is James Stephenson, from Winton. Would Katich be able to sleep on Sunday night? "I don't think so".

Nevada Judge Halts Execution Set To Use Experimental Drug Cocktail
The execution in Oklahoma was halted, but Lockett died after 43 minutes. "I just would rather be dead than do this". Now, Dozier is what is known as a "volunteer", or a death row inmate who has abandoned further appeals.

Lisa Murkowski says she needs more information on Supreme Court nominee
The Senate should have voted up or down on Merrick Garland, who is a terrifically qualified judge and a great guy, too. Paul is a wild card: he voted against CIA Director Gina Haspel but for Secretary of State Mike Pompeo this year.

Video surfaces of wild Pacman Jones fight in airport
Two months later, he was again arrested after a Tennessee State University student said he spit on her at a nightclub. The former Cincinnati Bengals cornerback got into a fight with an airport employee, and police blamed the other guy.

Roger Federer not concerned about start of World Cup game
The clash of timings has been felt nowhere more so than in England, with Gareth Southgate's men now so close to reaching their first final since 1966.