Retaliatory Measures Against US Tariffs Already In Effect, Says China

China EU USA trade war alliance Donald Trump President Xi

GETTYBut the EU rejected any idea of allying with China against Washington

Trump has threatened to progressively ratchet up USA penalties to a total of $450 billion in goods - which would represent the lion´s share of all of China´s exports to the United States. They kicked in just after midnight ET, which is noon in Beijing.

The Trump administration has argued that China has deployed predatory tactics in a push to overtake US technological dominance.

The Trump administration is confronting China over development tactics it says include stealing technology or pressuring foreign companies to hand it over.

Beijing insists it's the injured party.

"We do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said China´s commerce ministry spokesman Gao Feng. It accused the United States of "typical trade bullying".

A China central bank adviser said the planned United States import tariffs on $50 billion worth of Chinese goods - $34 billion plus a planned follow-on list worth $16 billion - will cut China's economic growth by 0.2 percentage points, although the overall impact would be limited, the official Xinhua news agency reported Friday.

But the tit-for-tat measures have escalated the trade dispute between the world's two largest economies and the world's commodities markets are increasingly embroiled in the bust-up.

American companies doing business in China are particularly anxious.

Beijing has vowed to respond immediately with an equal amount of tariffs of its own against United States autos, agricultural and other products.

The big question is how far the hostilities between Washington and Beijing will go.

"China imposed counter-tariffs on some import products from the United States at 12:01 pm Friday immediately after new U.S. tariffs took effect, the country's customs authority said".

"Its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it".

F1 salaries wages paid money finances Formula One Lewis Hamilton sportgalleries
Mercedes driver Valtteri Bottas started from pole position ahead of his team mate Lewis Hamilton . Hamilton insisted that they should have won the race. "It's just the way the sport is".

Neymar urged to stop acting, win titles to be crowned world's best
Belgium were emphatic in the second half, but right before Chadli's goal, Japan actually had a short spell of dominance. I just want to play and I help my team-mates, I have to help my team and that's what I am here for, nothing else.

Wimbledon 2018: Third seed Cilic beaten by Pella in second round
The 38-year-old American - last year's runner-up at Wimbledon - was the oldest entrant in the women's singles field. The Croat was stunned 3-6 1-6 6-4 7-6 (7-3) 7-5 by Argentina's world No.82 Guido Pella in three hours 12 minutes.

"These tariffs are ill-conceived and totally inappropriate", Heck said. On Thursday, he suggested the possibility of tariffs on nearly $500 billion more of Chinese goods.

"More than 70,000 jobs depend on the Port of Oakland".

In April, the White House instructed the United States Trade Representative to consider $100 billion in additional tariffs against China.

The world's two largest economies, the U.S. and China, are locked in a worsening trade battle that could have unexpected side effects on the global economy. The U.S. has already levied tariffs on steel and aluminum imports from Canada, Mexico, and the European Union, angering those allies and prompting them to retaliate.

The taxes target 818 kinds of Chinese products in industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials and automobiles, according to a USTR list released previously.

The Trump administration has also applied tariffs on steel and aluminum from allies like Canada and Mexico and has threatened to abandon the North American Free Trade Agreement with those two countries.

After that, Trump has made it clear he is planning additional duties on Chinese products worth a staggering $500 billion.

What is President Trump threatening?

"The port of Shanghai put on hold clearing some USA imports through customs, said an official at a company in the coastal city, which handles customs clearance for importers", Reuters said, noting the source said that he had spoken to customs officials.

U.S. Customs and Border Protection said in a notice it would begin collecting the 25 percent duties on 818 product lines identified in June by the U.S. Trade Representative's Office.

While the Chinese government did not immediately announce reciprocal tariffs on USA imports, there are reports that China's General Administration of Customs is delaying clearing USA imports at major Chinese ports.

The two giant economies appear ready to see which side can endure the most pain.

Latest News