China accuses Trump of launching ‘the biggest trade war in economic history’

China accuses Trump of launching ‘the biggest trade war in economic history’

China accuses Trump of launching ‘the biggest trade war in economic history’

"And the impact on US business, in my estimation, will be substantial".

China has threatened to respond with tariffs on hundreds of USA goods, including top exports such as soybeans, sorghum and cotton, threatening U.S. farmers in states that backed Trump in the 2016 USA election, such as Texas and Iowa.

China has said it will not "fire the first shot" in a trade war with the United States, but its customs agency made clear on Thursday that Chinese tariffs on American goods would take effect immediately after USA duties on Chinese goods are put in place. "Phenomenal growth", said Zampa, "There's concern now if there are retaliatory tariffs coming from China on wine, nuts, fruit and meats the business for our growers is going to diminish".

'US measures are essentially attacking global supply and value chains.

China's commerce ministry called the US actions "a violation of world trade rules" and said that it had "initiated the largest-scale trade war in economic history".

Ahead of the tariffs, Chinese state media published a series of editorials criticising the USA and emphasising the country's readiness for a trade war.

Is a US-China trade war on the horizon?

Gao said China's foreign trade was expected to continue on a stable path in the second half of the year, though investors fear a full-blown Sino-U.S. trade war would deal a body blow to Chinese exports and its economy.

Hours after Washington introduced 25 percent trade tariffs on $34 billion worth of Chinese goods, Beijing retaliated with mirror measures against American imports.

China's tariffs on hundreds of U.S. goods include top exports such as soybeans, sorghum and cotton, threatening USA farmers in states that backed Trump in the 2016 U.S. election, such as Texas and Iowa.

American goods for duty increases including soybeans, electric cars and whiskey.

Perversely if China's retaliation included tariffs on USA dairy, meat and wine then we could actually get a bit of a trade boost.

The World Trade Organization warned on Wednesday that trade barriers being erected by major economies could jeopardize the global economic recovery, with their effects already starting to show.

In the short term, analysts said, the moves may disrupt markets and hinder trade in both countries.

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The dollar is up 2.45% this year.

The US tariffs announced so far would affect the equivalent of 0.6 percent of global trade and account for 0.1 percent of global GDP, according to Morgan Stanley.

"China will not bow in the face of threats and blackmail", he added.

"The global trade conflict is at risk of a serious escalation", said Adam Slater of Oxford Economics in a report. The companyis shifting some motorcycle production out of the United States.

"The United States has blatantly violated WTO rules", said Hu, the foreign ministry spokesman.

"With strong manufacturing capability and huge market potential, China's development is hard to suppress".

There was no evidence of last-minute negotiations between U.S. and Chinese officials, business sources in Washington and Beijing said.

And minutes from the most recent Federal Reserve meeting showed that Fed officials are increasingly anxious about economic harm from the Trump administration's trade policies.

China's soymeal futures fell more than 2 per cent on Friday afternoon before recovering most of those losses, amid market uncertainty over whether China had implemented tariffs on a list of United States goods, including soybeans. -China Business Council in Beijing.

The company wants customers to split the cost of the tariff hike, but few are willing, said Tong.

Trump has become increasingly aggressive in how he handles internatoinal trade deals and is now on the verge of a trade war, with multiple countries threatening to hit back against proposed tariffs.

A senior Western diplomat told Reuters that there was no sign of any talks at the moment between the two countries, even via back channels.

The Commerce Ministry said Trump "ignited the biggest trade war in economic history".

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