ibusinesslines.com
ibusinesslines.com November 21, 2018


Time difference gives China head start on tariff war with U.S.

05 July 2018, 08:41 | Kelvin Horton

Time difference gives China head start on tariff war with U.S.

Stocks at Risk Caterpillar

U.S. officials have warned American companies that operate in China of pain ahead, with the first round of tariffs set to take effect.

China's Foreign Ministry, when asked on Tuesday if the timing of the alert was politically motivated, said summer was the high season for Chinese going to the United States and that its embassies had an obligation to warn citizens about potential risks overseas.

But he added that at a high level China-EU economic dialogue in Beijing last week both sides had agreed to oppose unilateralism and trade and investment protectionism.

Another example of unfounded finger-pointing by the USA is the Made-in-China 2025 initiative.

Amid the fierce polemics between Beijing and Washington concerning trade and tariffs, Chinese media have started a seemingly coordinated campaign badmouthing U.S. tourism this week, with some papers even urging Chinese tourists to take a detour to the tumultuous Xinjiang Uyghur Autonomous Region in northwestern China instead.

Donald Trump is due to slap as much as $34billion (£25 billion) of Chinese exports with 25 percent tariffs.

"We agree with nearly all the complaints the USA has against China, it's just we don't agree with how the United States is handling it", another diplomat said.

Asian stocks got off to a cautious start on Thursday as investors remained nervous amid a looming deadline for Washington's proposed tariffs on Chinese imports, leaving financial markets in a state of anxious uncertainty.


Washington has launched a national security investigation into vehicle and truck imports, with Trump threatening Europe with a 20 percent tariff on auto imports while various countries have also already taken retaliatory steps against US tariffs on steels and aluminium products.

President Donald Trump has accused China of unfairly acquiring USA technology and limiting market access for finance and technology firms - claims that China denies.

"China and European countries are natural partners", it said.

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.

"While the Trump administration is anxious about gains and losses, Chinese people have unfaltering confidence in China's future".

Longer term though a trade war posed a risk to the recovery of the whole global economy, he said.

The Trump administration is poised to beginning imposing tariffs on $34 billion in Chinese goods on Friday.

A senior Western diplomat told Reuters that there was no sign of any talks at the moment between the two countries, even via back channels.



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