China Fires Back in Trade War

Leroy Wright
August 6, 2018

Beijing warned it was prepared to impose new tariffs on 60 billion worth of US goods if Washington ups the ante in the escalating US-China trade war. Tariffs of 2,3 percent hardly represent a tariff war, let alone a trade war. "China, which is for the first time doing poorly against us, is spending a fortune on ads and PR trying to convince and scare our politicians to fight me on Tariffs - because they are really hurting their economy", he wrote on Twitter.

A dip in auto exports and rising oil prices in June drove the biggest increase in the USA trade deficit in 19 months, reversing much of May's export bonanza, the government reported Friday. We want to see trade reforms.

The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.

This latest move comes after it emerged Donald Trump's administration is considering hitting £154bn ($200bn) of Chinese imports with additional levies.

The essential objective foundations of the trade war are now emerging more clearly into the open.

Speaking on the sidelines of a security forum in Singapore, he hit back at Kudlow's remarks: "As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Wang said, adding that China contributed a huge amount to global economic growth.

European and USA auto companies are also responding by increasing prices in China.

In another television interview, Kudlow laid emphasis on the agreement between Trump and European Commission president Jean-Claude Juncker for joint action in the World Trade Organisation over China's alleged technology theft and the subsidising of key industries.

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Since January of this year, the total equities in China's stock market have tumbled by over $2 trillion, and most of the loss is due to the intensifying trade and tariff disputes with the USA started by President Donald Trump.

The United States alleges that China steals usa corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.

While he might be able to backtrack and quickly close trade deals with NAFTA partners and Europe - just as he settled a quick, token deal with South Korea early this year - the settling of a quick trade deal with China may not prove so easy.

The latest tariffs come as the trade war continues to escalate and Mr Trump attempts to force Xi Jining's government to change its practices.

The highest penalties in today's list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election.

The measures were decided at a meeting of China's State Council on Friday. It did not specify what they might be, but could include increased checks on USA products, delays in approvals for United States firms seeking licenses and other business requirements.

Third, it is demanding stringent limits and reductions in China's current policy requiring U.S. nextgen technology transfer from United States businesses operating in China. "Those are the things that concern us the most". "So we'll have a united front against China". China has denied violating worldwide trade norms.

President Trump has used tariffs and the threat of new tariffs against countries - particularly China - as part of his economic policy, in an attempt to renegotiate trade deals.

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