China rejects ‘blackmail’ on eve of United States tariff hike
China rejects ‘blackmail’ on eve of United States tariff hike
US 'firing at itself' with trade measures: China
07 July, 2018, 03:01
China's commerce ministry earlier Friday accused the USA of launching the "largest trade war in economic history", saying it could trigger "global market turmoil". "So we have 50 plus 200 plus nearly 300", Trump told reporters aboard Air Force One on Thursday.
Beijing has vowed to respond immediately with an equal amount of tariffs of its own against U.S. autos, agricultural and other products.
Also China Daily: "The Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China".
"Its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it".
China said it plans to inform the World Trade Organization about the "situation" and work with other countries to defend the multilateral system of free trade, the ministry said. "To put it simply, the U.S.is opening fire on the entire world, including itself", Gao said.
The row has caused turbulence on the world's stock markets and could hurt global trade and growth.
The US tariffs announced so far would affect the equivalent of 0.6 percent of global trade and account for 0.1 percent of global GDP, according to Morgan Stanley.
Markets in Asia showed remarkable restraint after falling in early trading.
"This is not economic Armageddon". Others say they are turning their focus to Chinese consumers.
Asked whether United States companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.
With that now looking likely there are fears the world faces a wide scale trade war - with the U.S. also targeting Europe and Canada.
"It's still hard for me to believe the Trump administration could develop and negotiate an overarching package with China that genuinely sticks", Kennedy said.
"There should be no doubting Beijing's resolve", the newspaper said.
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"If we don't find an exit ramp, this will accelerate like a snowball going down a hill".
China said it would respond with measures of a "corresponding number and quality" if the USA produced a list of products that could be hit.
China has vowed to fight back to protect its economy.
Minutes after the USA put its long-threatened duties into effect just after midnight on Friday morning, a spokesperson for China's ministry of commerce said it would be matching them dollar-for-dollar.
The lists of goods to be hit by tariffs have been updated several times by both administrations.
The US will levy a 25-per cent tariff on more than 800 Chinese product categories worth around $34 billion and has warned of more to come if a trade war escalates.
Chinese buying of soybeans has already ground almost to a halt ahead of the duties.
While the initial volley of tariffs was not expected to have major immediate economic impact, the fear is that a prolonged battle would disrupt makers and importers of affected goods in a blow to global trade, investment and growth.
At 12:01 a.m., the US slapped a 25 percent tax on $34 billion worth of Chinese imports.
Chinese stocks were down by midday on Friday and the yuan was also off against the dollar as USA tariffs on Chinese goods kicked in.
Adding to the tensions, a Chinese court this week temporarily barred Micron Technology Inc from selling its main semiconductor products in the world's biggest memory chip market, citing violation of patents held by Taiwan's United Microelectronics Corp (UMC).
In the meantime, Beijing has stopped referring to "Made in China 2025" publicly and told media outlets to do the same.
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