Beijing to fight United States tariffs 'at any cost' after Trump threat

Beijing to fight United States tariffs 'at any cost' after Trump threat

This morning U.S. President Donald Trump defended the ongoing trade dispute between the United States and China, saying it may cause some disruption for the economy in the near term but that it will all be worth it in the end.

A White House official later said the $100 billion figure Trump used in the statement referred to the value of the imports that would be covered by the additional tariffs, not the total amount of tax that would be charged on the products. The United States exported $15 billion of aircraft to China in 2016, ranking it equally with agricultural products like soybeans, according USA trade data.

In the case of the China-U.S. squabble, Trump imposed aluminum and steel tariffs in early March in order to protect those American industries. Those tariffs would take effect if the USA implements its own proposed tariffs, announced earlier in the week, targeting a similar value of Chinese goods.

The clash reflects the tension between Trump's promises to narrow a US trade deficit with China that stood at $375.2 billion in goods past year and the ruling Communist Party's development ambitions.

It added: "If the United States disregards the opposition of China and the worldwide community, and insists on unilateralist and protectionist trade practices, the Chinese side will follow through to the end and will not hesitate to fight back at any cost".

The US is the second-biggest soya bean supplier to China, after Brazil.

As news spread of Trump's latest threat, stock futures trading pointed to the Dow Jones Industrial Average opening over 400 points down.

While the broader USA equity market recovered somewhat as the day wore on industrial stocks were still down significantly by late afternoon.

National Economic Council Director Larry Kudlow on the Trump administration's trade policies. US officials have sought to downplay the threat of a broader trade dispute, saying a negotiated outcome is still possible.

The ministry has called for a media briefing on Friday night, in an unusual move on a public holiday.

On the political front, Mr Trump's latest announcement has elicited a less-than-friendly reception from some fellow Republicans.

"China and the United States are both big countries in the world and should respect each other and treat each other as equals", he added. He said the administration anticipated U.S. agriculture would be the first point of retaliation and said Trump "will have the backs" of America's farmers.

Then, on Tuesday, the White House went ahead with tariffs that target manufacturing technology, arguing that Chinese trade practices have unfairly hurt US business.

That followed the release of a U.S. government list of Chinese goods targeted for punitive tariffs in response to complaints Beijing pressures foreign companies to hand over technology.

"The problem with that is these types of punitive import duties don't work in trying to curb the behavior that both the USA and China are trying to establish", said Mike Manjuris, a trade expert at Ryerson University in Toronto.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said. Mr. Trump again echoed that sentiment in his statement Thursday. Beijing has called on the European Union to help it reject U.S. protectionism and uphold the global trade order.

Beijing unveiled plans for painful import duties targeting politically-sensitive USA exports, including soybeans, aircraft and autos, to retaliate against looming U.S. tariffs on more than 1,000 Chinese goods. The President added that he instructed to the USTR also to "identify the products upon which to impose" the additional tariffs.

Trump, who received overwhelming support in rural America in the 2016 presidential election, has directed Agriculture Secretary Sonny Perdue "to implement a plan to protect our farmers and agricultural interests".

He also left the door open for further talks with the Chinese government.

The White House said the tariffs were a response to unfair Chinese intellectual property practices, such as those that pressure United States companies to share technology with Chinese firms. They warn that disruption to supply chains that rely on Chinese components will ultimately raise costs for consumers. But it's unclear whether the two sides will be able to reach a mutually acceptable deal.

The United States has dominated the global economy for much of the last century, but this fight comes as China - with its population of 1.4 billion - is starting to challenge U.S. hegemony.



Related Posts

Frozen Four: Can Michigan hockey pull an upset and beat Notre Dame?
The realization had already set in that he would never wear that MI maize and blue again and Dancs' emotions couldn't be hidden. The state will be represented by 21 players when Minnesota-Duluth and Notre Dame meet for the national title at 6:30 p.m.

U.S. business to Trump: Don't go through with China tariffs
U.S. stock markets have plummeted after China escalated a trade war with Donald Trump over $50 billion of newly-announced tariffs. Neither set of tariffs go into effect right away, though the exact timing of the Chinese measures was not clear.

What's behind the US-China trade fight
It was announced Monday morning that China raised import tariffs on US -produced pork and fruit, as well as other products. In 25 years China has transformed itself into a technological powerhouse, filing for more patents than any other country.

Firefighter Matt Parziale goes cold in his first Masters
The victor before that was Tiger Woods , who shot an opening round of 74 in 2005 before defeating Chris DiMarco in a play-off. Amazingly, however, the reigning Masters champion was able to see some humour after a nightmare on the 15th hole.

The Facebook Cambridge Analytica scandal is far worse than originally thought
The CEO also said the #DeleteFacebook movement spurred by the scandal has had "no meaninful impact" on Facebook's user numbers. CEO Mark Zuckerberg himself has admitted to monitoring Messenger conversations.

Winter clings on: two storms (and probably some snow) ahead, forecasters say
The average high for this time of year is 57 degrees, and Tuesday's high of 47 degrees will be the closest we will be to average. The Winter Weather Advisory in south-central Montana suggests we could see 3 to 6 inches of snow out of this next snow event.

King James Breaks More Records As Cavaliers Beat The Raptors
It was tough to take anything away from that game, other than LeBron James (35 points, 17 assists, no turnovers) is insane good. That was when the Cavaliers unleashed their 21-4 push that gave them their largest lead of the half at 56-40 at the 3:33 mark.

5 reasons why Manchester United will destroy Manchester City at the Etihad
While United should be better equipped to keep City out given their defensive record, they'll be relying heavily on David De Gea. The Reds of Manchester will make a short trip across town to the Etihad Stadium to lock horns with the Citizens, reports Goal .

Donald Trump says USA has already lost the trade war
On the other hand, China's tariffs on USA are well targeted as voters in agricultural states are "falling out of love" with Trump. White House economic adviser Larry Kudlow told reporters the USA was "not in a trade war", adding, "China is the problem".

Making the Sound of Silence in 'A Quiet Place'
Lee doesn't yet know, and we don't either. "We try to keep it small conversations, rather than big ones". When signs show that the cult leader's out-there teachings might be accurate after all, they come back.

© 2015 Stocks News Daily. All Rights reserved.