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Donald Trump 'ready' to impose tariffs on all Chinese goods
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09 July 2018, 01:15 | Austin Hogan
GETTYChinese state media has promoted the message that the EU is on China’s side
The U.S. and China slapped duties on $34 billion worth of each others' imports on Friday, escalating their conflict and suggesting there was little sign the dispute will soon end.
Chinese manufacturers and USA businesses operating in China have expressed concerns that the United States launching of the largest trade war in economic history could impact the global trade order and inflict losses to US consumers as well as industry and commerce firms on both sides.
China lowered commitments to buy 366,000 metric tons of US soybeans in the season that ends August 31 and cut purchases by 66,000 tons in the following year.
This prompted Beijing to respond with levies on United States imports.
The Chinese Ministry of Commerce has issued a statement calling the USA move "typical trade bullying" and held that "in order to defend the core interests of the country and the interests of the people, we are forced to retaliate", according to The Washington Post. He also acknowledged the multi-hundred billion dollar US trade deficit with China.
Beijing slapped additional 25 percent tariffs on 545 USA imports totaling $34 billion - including automobiles and agricultural products such as soy beans and beef - as part of a retaliatory plan involving 659 items worth $50 billion.
Speaking to reporters late Thursday en route to a campaign-style rally in Montana, just before tariffs on U$34 billion worth of Chinese imports were set to go into effect, Trump said there are more to come.
In addition to Friday's tariffs and in response to China's retaliation in June, Mr Trump has ordered tariffs on $200bn worth of imports and threatened tariffs on another $200bn. "We just ask the administration to back away from using tariffs to achieve USA trade policy goals".
Last month, the European Union imposed tariffs on American goods worth Dollars 3 billion such as yachts, bourbon and motorcycles.
Trump has slapped tariffs on steel and aluminum imports from these countries while a number of them also slapped retaliatory tariffs on USA products, including steel and agricultural products, jeans and motorcycle.
"There should be no doubting Beijing's resolve", the newspaper said.
The Chinese Foreign Ministry said "retaliatory tariffs" also took effect, but provided no other details.
Growing jitters over the past few weeks over a stepped-up trading dispute between the world's two largest economies had weighed on the markets well ahead of Friday, when Beijing and Washington launched dueling tariffs on billions in goods.
The Trump administration contends China has deployed predatory tactics in a push to overtake USA technological dominance.
But as of Friday, he had Trump to thank for an unexpected boost to his income after being thrust to the front line of a trade war between the two countries.
Previously, Trump had threatened up to impose additional tariffs on goods worth $400 billion should China follow through on its plans to retaliate against the initial USA tariffs on Chinese goods including autos, computer disk drives, pump and valve parts and light-emitting diodes.
A spokesperson for the Alliance of Automobile Manufacturers said in an email Friday that some USA carmakers may not feel a major impact right off the bat.
These initial tariffs are unlikely to inflict serious harm to the world's two biggest economies.
But it is wrong for Trump to disregard the spirit of free trade that has buttressed the global economy since World War II.
In an analysis, worldwide news agency Reuters found that the trade war might largely affect the countries having larger global exposure in value chains. He added the United States is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.
USA trade data released Friday showed exports hit a record, as importers bumped up purchases, particularly of tariff-targeted United States soy beans, to build up supplies before the new duties hit.
The first round targets Chinese industrial goods, not consumer products, in an attempt to limit the impact on US households, but companies that rely on Chinese-made machinery or components may eventually have to pass along increased costs to customers.
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