China vows retaliation for US$200B U.S. tariff threat
07:28, Jul 12, 2018
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"China is forced to strike back to safeguard core national interests and the interests of its people", the Commerce Ministry said.
MORE U.S. -CHINA TARIFFS: The U.S. Trade Representative said Washington is preparing to impose 10 percent tariffs on another $200 billion in Chinese imports, including 6,031 product lines ranging from burglar alarms to electric lamps and fish sticks.
US Trade Representative Robert Lighthizerwrites that these new tariffs come as a response to how Beijing retaliated to the initial tariffs - quickly implementing matching tariffs on the same amount of US exports to China.
"Overnight, that unnerving trade war silence from the White House, which allowed stocks across the globe to charge higher in recent sessions, was broken". USA officials insist China's retaliatory tariffs are unjustified.
China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how Beijing would retaliate in the dispute between the world's two biggest economies. Hong Kong's main index shed 1.3 per cent.
At 11.30 pm IST, the Dow Jones Industrial Average was down 141.78 points, or 0.57 per cent, at 24,777.88, while the S&P 500 was down 11.70 points, or 0.42 per cent, at 2,782.14.
Some US business groups and senior lawmakers were quick to criticise the move. They would go into effect sometime after August 30. By expanding the list, the administration is beginning to hit products that U.S. households buy, including such things as electric lamps and fish sticks. These tactics include the outright theft of trade secrets, government subsidies to homegrown tech firms and demands that US and other foreign companies hand over technology if they want access to China's vast market.
That's why Trump can slap tariffs on them just because he feels like it.
"But more tariffs like these will punish America's manufacturing workers - and could undermine our hard-won gains thanks to tax and regulatory reform".
China "cannot match fresh USA tariffs", Vishnu Varathan of Mizuho Bank said in a report.
"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chair Orrin Hatch in a statement.
National Retail Federation senior Vice President for Government Relations David French said the move "doubles down on a reckless strategy that will boomerang back to harm US families and workers".
The US complains that China uses predatory practices in a push to challenge American technological dominance.
However, this will be partly offset by the significant depreciation of the yuan from around 6.28 to the United States dollar in February to 6.63 on Tuesday, he added.
"It is impractical for China to match tariffs by quantity", said Frances Cheung, head of Asia macro strategy at Westpac in Singapore.
Some analysts have suggested that China could reduce the number of Chinese tourists to the USA and boycott United States services.
Sources in Chinese state media told Reuters that Beijing is concerned that negative coverage of the president could further inflame the trade conflict between the two countries.
These include playing down its Made in China 2025 strategy to move up the industrial value chain, which the U.S. has criticised.
Gao said China would not bow to threats or blackmail and would have to fight back if the USA went ahead and imposed the tariffs . Part of his plan is to radically change how United States trade deals work and to focus on protecting the domestic economy.
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