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China hits back after USA tariffs on Chinese imports

24 Marcha 2018, 09:56 | Martinez Canez

Trump Closes Era of Constructive Economic Engagement With China

China 'Prepared' for Trade War, Unveils Response to Trump Tariffs

The U.S.'s era of constructive engagement with China on economic matters is over.

Trump on Friday outlined fresh tariffs on $50 billion of Chinese imports and directed Mnuchin to propose new investment restrictions on Chinese companies within 60 days to safeguard strategic technologies.

The ministry said Beijing would impose tariffs on American-made products in two stages unless a trade compensation agreement could be reached with the U.S. Apple (AAPL), which contracts out global iPhone production in China and sells a lot of phones in the country, is also potentially vulnerable in a trade war.

Capri said he believes China is having to reconsider its trade policy which he described as "very, very supportive of its own industries though various protectionist mechanisms".

The Commerce Ministry announcement Friday made no mention of jetliners, soybeans or other products that are the biggest USA exports to China by value.

The growing appetite of Chinese companies for foreign technology assets has also triggered concerns about national security in the USA and Europe.

Environment minister Li Ganjie said last week China would set more stringent targets for improving air quality under a new three-year plan.

"We have one particular problem", the US President said before signing the order that will impose tariffs on hundreds of Chinese products, from shoes and clothing to consumer electronics.

The ministry said China will impose a 15% tariff on 120 categories of United States imports worth almost $1 billion, which include fruit, wine, ethanol, and steel pipes.

Neither China's Foreign nor Defence Ministries immediately responded to a request for comment. "This would hurt the USA", said Xu.

The impact on other American companies would be widespread, fanning out across the US because of the intricate links with worldwide supply chains.

The statement accused the US of restricting imports under "the excuse of national security", which has "gravely damaged the multilateral trade system represented by the WTO" and "severely disrupted the normal global trade order".

But China's Hong Kong-listed WH Group, the world's largest pork producer and which acquired major U.S. pork and hog producer Smithfield Foods Inc five years ago, fell 5.17 per cent to HK$8.98.

Analysts said that traders were also spooked because China is the biggest buyer of U.S. government bonds, which the United States needs to sell to keep its economic wheels greased.

If China and the USA can't reach an agreement on steel and aluminum trade, after a public consultation period which ends March 31, Beijing could begin collecting tariffs of 15 percent on imports worth $977 million, including fresh fruit, nuts, wines, denatured alcohol, ginseng, and seamless steel tubes. "That process has failed". He added that while a trade war would benefit no one, "China is far more resilient than the United States to the pain". Since then, Treasury secretaries from Henry Paulson to Jack Lew tried the diplomatic approach on everything from China's policies on currencies to financial-services liberalization.

The Trump administration said that it is for China to decide what course it wants to take.

"Just as China wishes to deepen its economic ties with the rest of the world in President Xi's 'New Era, ' Trump's China policy may result in a divided world, risking not only global economic recovery but also stability". In January, he imposed tariffs on imported solar panels and washing machines. "And obviously, Korea, where we're negotiating, of course", he said.

It's not clear what the forum for those negotiations would be. President Donald Trump authorized the exemptions late Thursday night. "China can not appear subservient to the U.S".

But he added that China will continue to work to "manage our possible differences in a constructive way".

"This is a very risky course. It's going to make us a much stronger, much richer nation", he said at the White House.

"It's natural for us to have to address things that we don't agree on".



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