China Includes 128 Items of USA in Tariffs Hike

Trump is getting tough on China trade, but will his strategy work?

There are fears the move would trigger a trade war between the world's number one and number two economies.

Cui Tiankai, China's ambassador to the USA, told Bloomberg on Friday that China is "looking at all options" in response to Trump's trade action. China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a risky place.

Mr Trump signed a memorandum imposing the restrictions after a Section 301 investigation found Chinese violations of technology intellectual property rights.

A 25 percent tariff would be imposed on eight goods worth nearly $2bn after "further evaluating the impact of the USA measures on China", the statement by the Ministry of Commerce said.

"It is true that we are Chinese companies, but we supply American companies", said the executive with Changhong.

The White House says the planned tariffs are aimed at punishing Beijing for allegedly stealing American technology and pressuring US companies to hand it over.

On the phone, he accused a USA investigation of violating global trade rules and told Mnuchin that Beijing was ready to defend its interests, Xinhua said. "Currently, we are not looking to get in a negotiation again", a senior USA official told reporters in Beijing. Samsonite executives say it manufactures two-thirds of its products in China and now pays a tariff of more than 25 percent on them to the U.S.

Martin Wansleben, chief executive of the Association of German Chambers of Industry and Commerce, said the USA action to impose large-scale tariffs on Chinese goods is in disregard of global rules and agreements, and is tantamount to "playing with fire", which will eventually lead to no winners.

Mr. Hu added that China may be replacing the United States, with Mr. Xi picking up the banner of global cooperation on trade, climate and other issues that Mr. Trump's predecessors had carried.

Tokyo's benchmark tumbled by an unusually large 5.1 percent while the Shanghai Composite Index closed down 3.4 percent. The timing, though, also appeared to be a warning shot against Trump's latest action on the trade front, on Thursday, when he took specific aim at a much wider range of Chinese products.

"China won´t change its ways". The second stage would be a rise of 25 percent in tghe tariffs to imports of pork meat and recycled aluminum, among other products, after evaluating the impact of the new Washington policies.

Trump's technology order is in response to "unfair and harmful acquisition of U.S. technology", said a statement by the U.S. Trade Representative's office. But now many worry about economic blowback from his combative approach.

He adds, "They want to create their own standards and do various things that they are not supposed to do".

Roach said he could foresee "the Chinese government moving to restrict, in some form or another, the financial as well as the supply chain activities of American companies operating in this country". "Some people" from the United States are "too arrogant and have misjudged the situation", Chinese foreign ministry spokesperson Hua Chunying said on Friday. "It´s impolite not to give as good as one gets", Hua told reporters. "This includes working closely with our worldwide partners to identify unfair trade barriers and practices that China must remove, setting deadlines for such reforms and outlining actions that the USA will take if those reforms are not undertaken", it said.

Canada and Mexico had already been given a pass, and the United States is trying to renegotiate the North American Free Trade Agreement with its neighbors to the north and south.

The U.S. argues it needs a strong steel and aluminum industry to reinforce domestic production of warships, fighter planes and other national defense requirements.

Also omitted from the exemption list was USA ally Japan, though a government spokesman said Tokyo would press to be included.

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