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China hits back after USA imposes tariffs worth $34bn

09 July 2018

That could include "a wide range of products as diverse as tool sets, batteries, remote controls, flash drives and thermostats", he said, adding, "a strategy based on unilateral tariffs is the wrong approach, and it has to stop".

Beijing yesterday also lodged a complaint with the World Trade Organisation against the United States tariffs.

China accused the U.S. of launching the "largest trade war in economic history", saying it was "typical trade bullying" that could trigger "global market turmoil".

Soybeans are on the hit list of American goods now being targeted by Chinese tariffs that went into effect Friday after the USA implemented a raft of duties earlier in the day and President Donald Trump threatened more action. "Moreover, it will hamper global economic recovery and trigger global market turmoil while dealing a blow to many multinationals, enterprises and ordinary consumers", said the ministry on Friday.

Friday's tariffs could just be the opening skirmishes in the war, as Trump has vowed to hit as much as $450 billion in Chinese goods, the vast majority of imports. He said another $16 billion of goods could follow in two weeks, suggesting that the final total could eventually reach $550 billion.

China also has other ways to retaliate by going after US companies such as Apple Inc. and Walmart Inc., which operate in its market and are keen to expand.

Trump may suddenly find China less accommodating on this explosive dossier if the trade war expands.

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The president also takes issue with the size of the USA trade deficit with China.

With its enormous currency reserves, China holds some $1.2 trillion in U.S. treasury bonds and officials have reportedly started to slow or halt their purchases.

Washington increased tariffs at 12:01am Eastern time (4:01 GMT) on $34bn worth of Chinese imports, a first step in what could become an accelerating series of tariffs.

USA customs officials will begin collecting an additional 25% tariff on imports from China of goods ranging from farming plows to semiconductors and airplane parts.

Still, Heitkamp said "no one should be surprised by this" because "this is what (President Donald Trump) said he was going to do".

Both sides are also mulling imposing higher duties on imported cars - a measure that would also hurt Germany with carmakers such as BMW and Daimler shipping a considerable amount of vehicles to China from their production facilities in the US. And this year, we have had a lot of great opportunities to hedge and sell soybeans at a good price.

It accused the United States of "typical trade bullying".

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The President is especially upset that the past president has promoted the interests of China at the expense of undermining American innovation and jobs.

The June jobs data show no evidence of trade fears hurting the US economy, Council of Economic Advisers Chairman Kevin Hassett said in an interview on Bloomberg TV on Friday.

"You saw with China, 50 billion dollars - and another 200 billion dollars, frankly, is waiting". China accounts for 87 per cent of counterfeit goods seized coming into the United States.

Chinese officials reject accusations they steal or force foreign companies to hand over technology. It's very hard for American companies in the auto sector or in financial services to sell into the China market, because there's a lot of regulatory barriers. "We urge the two governments to come back to the negotiation table".

"No. Not really. Mostly rural America supported President Trump in the last election".

It involved marshaling some of the many other countries harmed by China's trade barriers and intellectual property theft. America is the world's largest exporter of soy beans, and China is the world's largest consumer of them. Trump's attempt to use the steel and aluminum tariffs to pry concessions from the Mexicans and Canadians proved futile. In February 2018, USTR won a WTO compliance challenge against China's unfair anti-dumping and countervailing duties on United States poultry exports and China announced the termination of those duties.

That would bring the total of targeted Chinese goods to potentially $550bn - more than the $506bn in goods that China shipped to the USA a year ago. "What we will likely see happen in the short-term is apples that were destined for export markets will instead overhang the USA market", she said.

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China hits back after USA imposes tariffs worth $34bn