Russia Will Take China's Side Against U.S

22 June, 2018, 03:26 | Author: Sheri Evans
  • China and US trade talks

Asked whether the trade war has begun, Geng said, "China will not ignite a trade war, yet we are not afraid of it".

The global sell-off came after President Donald Trump threatened to put tariffs on another $400 billion in imports from China, and the Chinese government said it would retaliate.

On Friday, after the Trump administration's first tariff action, Beijing responded with reciprocal tariffs on $50 billion in US goods, including cars, soybeans, dairy, oil, propane and other high-value trade categories.

Despite the Chinese government's repeated pledges to further open its economy, 46 percent of respondents in the European Union Chamber of Commerce in China's annual business survey said they thought the number of regulatory obstacles they face in China would increase over the next five years. "If China takes any actions to harm our companies operating in China or otherwise try to harm any corporate entity, farmer, ranch or whatever, those constitute actions which aren't acceptable and this president will have the back of Americans whether they're here on a farm in Iowa or Shanghai trying to operate". But the tit-for-tat expansion of tariffs has US oil industry officials and politicians calling on the Trump administration to move cautiously.

"In this trade war, it's the US who is playing the role of provocateur, while China plays defence", said the Global Times, a newspaper published by the ruling Communist Party.

"In a trade war, there are no winners, only losers". "President (Donald) Trump is now working to re-shift this balance", Pompeo was quoted as saying. That makes USA goods more expensive in other markets.

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The top White House trade adviser, Peter Navarro, says Beijing "may have underestimated the resolve of President Donald J. Trump" by refusing to meet US demands on trade and by threatening to retaliate against American trade sanctions.

Officials also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though China did not announce a date for imposing them.

And Beijing has other ways to inflict pain on American companies.

So far Beijing has targeted major American exports to China such as soybeans, which brought in $14 billion in sales previous year, and are grown in states that supported Trump during the 2016 presidential election, as well as other politically important products. "Beijing has a freer hand for informal retaliation, which will now start to increase".

As the United States and China rattle their economic sabers, threatening punishing tariffs in the opening salvos of a trade war, the Philippines could be the most at risk in Southeast Asia from the worsening trade conflict between the world's two biggest economies.

Companies also are watching the fate of ZTE Corp.

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Shares of Chinese companies listed in the US slumped. The agreement allows Washington to impose an additional $400 million fine or other penalties if ZTE violates the deal.

"He's upping the ante", Wendy Cutler, a former US trade negotiator who is now at the Asia Society Policy Institute, said of Trump.

"The focus shifts from central banks back to trade", observed Craig Erlam, senior market analyst at Oanda trading group.

The Chinese Embassy in Washington did not immediately respond to a request for comment. Many US trading partners reacted by raising their own tariffs, which contributed to shutting down global trade.

Neither side has yet imposed tariffs on the other in their growing dispute over technology and the USA trade gap; the first round is to take effect on July 6.

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