China warns of imposing United States dollars 3 bn trade tariffs on US

China warns of imposing United States dollars 3 bn trade tariffs on US

The United States launched a complaint against China at the World Trade Organization on Friday, part of a package of trade measures announced by President Donald Trump on Thursday over China's alleged theft of USA intellectual property. "If a trade war were initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures". China has announced a list of US goods including pork and aluminum pipe it says may be hit by higher tariffs in response to President Donald Trump's higher import duties on steel and aluminum. Also included in Beijing's 128-item hit list are steel products, pork, fresh and dried fruits, and ginseng.

Countries affected by the measures, like China, can under WTO rules retaliate with tariffs on US goods worth a sum equivalent to the trading loss they would suffer from the USA tariffs. In retaliation for what our government says are justified USA trade measures against China on intellectual property issues, Chinese officials now have indicated they are prepared to slap tariffs on US pork, wine and fruit.

The National Retail Federation (NRF) opposes the US tariff action, arguing a trade war would result in higher prices for a wide range of consumer products and basic household goods. China is the biggest buyer of USA soya beans. It also wants to slap the U.S. with a 25 percent tariff on pork and recycled aluminum imports.

A Chinese commerce ministry official said both sides were in touch, and communication channels were smooth.

Apple, which has its iPhones assembled in China, may be "the most exposed" company, but one-fourth of iPhone sales are in China so that should help insulate the tech giant, he said.

"These actions could undercut our potential to increase exports to China following the country's stated goal to move to a 10 percent ethanol blend by 2020, and would be a major barrier to increased trade".

Not all Chinese stocks are getting hammered by the escalation in a trade war with the US. The report announcing the tariffs cited instances of United States companies being forced to move patents to China or partner with a Chinese firm in order to do business in the country.

"China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a unsafe place".

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The recent United States import restrictions were criticized at an economic forum held in the Chinese capital, Beijing, on Sunday.

Washington this week said it would temporarily exempt Europe as well as countries including Brazil, Argentina, South Korea and Australia from the steep new steel and aluminum tariffs that Trump unveiled this month and which took effect Friday.

Bloomberg News reported in January that Chinese officials reviewing the nation's foreign-exchange holdings had recommended slowing or halting purchases of US Treasuries.

Kennedy said a deal to cut China's $375 billion USA goods trade surplus by $100 billion is far easier to achieve with additional purchases of United States soybeans, beef, liquefied natural gas, Boeing aircraft and other equipment.

Zhang Xiangchen said China was considering a WTO complaint against the package of tariffs that President Donald Trump was expected to announce later yesterday.

Chinese penalties on US soya beans will especially hurt Iowa, the state that backed Mr Trump in the presidential election and is home to US Ambassador to China Terry Branstad. Next week alone, the U.S. is set to sell $30 billion of two-year notes, the most for that maturity since 2014.

"China has sought to acquire USA technology by any means, licit or illicit", James Andrew Lewis, senior vice president at the Center for Strategic and International Studies in Washington, wrote in a blog post Thursday.