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China vows to fight back as the trade war escalates

China vows to fight back as the trade war escalates”

Tne Trump administration has announced additional China tariffs, say insiders. It's unclear what that action could include.

Asian stocks retreated and perceived safe havens such as the yen and US Treasuries rose on Wednesday after the United States said it would impose tariffs on an extra 200 billion worth of Chinese imports, sharply escalating the trade war between the world's two biggest economies.

On Friday, Washington had imposed additional 25 percent tariffs on $34bn of Chinese imports, prompting Beijing to immediately respond with proportionate tariffs on $34bn American goods including seafood and soybeans.

Yet matching the latest US barrage would force China to either levy much higher tariffs or take more disruptive steps like cancelling purchase orders, encouraging consumer boycotts and putting up regulatory hurdles.

Overnight, Donald Trump began the process of slapping 10% tariffs on a further $200bn of imports from China, on top of the $34bn (soon to be $50bn) imposed last week. Trump has said he may ultimately target more than $500 billion worth of Chinese goods - roughly the total amount of USA imports from China past year.

Washington chose to impose the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said on Tuesday.

The Office of the U.S. Trade Representative will accept public comments and hold hearings on the plan August 20-23 before reaching a decision after August 31, according to a senior administration official.

Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".

Beijing described Washington's latest threat as "totally unacceptable", saying it would hurt the world.

"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", the ministry said in a statement, adding that it was "shocked" by USA actions.

"The threat of more trade barriers is unlikely to sway China from its plan to make its domestic chip industry self-reliant, and to create a strong supply chain as a key enabler for innovation in other technologically intensive industries", analysts at BMI Research said in a note to clients Tuesday.

LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the U.S. out of North Atlantic Treaty Organisation.

The U.S. has also placed duties on steel and aluminum from Canada, Mexico, and the European Union, who in turn have responded with retaliatory measures.

Beijing on Wednesday vowed to take "countermeasures" after the announcement.



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