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US "opening Fire" On World With Tariffs, Says China
11 July 2018, 09:47 | Kelvin Horton
GETTYThe US President has escalated tensions that could lead to a trade war
The new trade regulations imposed by the Trump administration, which levy a 25 percent tariff on $34 billion worth of Chinese imports to the USA, have "violated [World Trade Organization] rules and launched the largest trade war in economic history to date", China's Ministry of Commerce declared in a statement Friday. China said it will immediately put on his own similarly sized tariffs on an unspecified clutch of American goods.
The United States is opening fire on the world and itself in going through with imposing punitive tariffs on US$34 billion (S$46.4 billion) worth of Chinese goods, Beijing has said, warning that it would take immediate retaliatory measures. The Chinese Ministry of Commerce has issued a statement calling the USA move "typical trade bullying" and held that "in order to defend the core interests of the country and the interests of the people, we are forced to retaliate", according to The Washington Post.
Beijing had earlier released a target list of $34bn worth of imported United States goods including autos and agricultural products also faced 25 percent tariffs.
"The chances are slim for China and the U.S.to reach an agreement on trade issues, and trade war worries will be a long-term uncertainty for at least the next two years", said Yan Weixiao, an analyst with Founder Securities, adding that things could be "dangerous" for Chinese stocks.
When the clock struck midnight on July 6, the "trade war" between China and the US officially began. US pork already had a 12% tariff on exports to China.
Asian share markets were set for a bumpy ride on Friday just hours ahead of a US deadline to impose tariffs on Chinese imports, which has rattled financial markets in recent weeks as investors feared it could trigger a full-blown global trade war.
Trump repeatedly has slammed what he describes as Beijing's underhanded economic treatment of the United States. Some have responded by hiking their own tariffs on USA goods.
This is the first round of Trump's punishment of China for allegedly stealing U.S. technology.
But the European Union, the world's largest trading bloc, has rejected the idea of allying with Beijing against Washington, five European Union officials and diplomats told Reuters, ahead of the summit. "It was never comfortable with the West being one bloc", said a European official involved in EU-China diplomacy. Sinovel has agreed to pay AMSC a total of $52.5 million in restitution.
USA carmaker Ford Motor Co.
European pork will gain some ground over the US, which shipped nearly $500 million worth of pork to China past year.
I view these tariffs as a negotiating ploy by President Trump to try to force the Chinese to open up their market better for American companies.
While new import duties on USA meat can result in decreased export volumes as US products are priced out of the market, they can also lower prices and margins for exported items as the trade adjusts to the new higher duties.
Overnight gains in European and USA equities, however, provided some comfort for the start of Asian trading.
Yesterday, the EU's top two officials warned about greater trade tensions with the USA as Mr Trump weighs tariffs on foreign cars after irking American allies with metal-import levies.
Shuqing Guo, head of China's banking and insurance regulator, said that a trade war would not affect China's own reforms and opening up, adding, "The progress of China's economy can not be reversed by any force".