China says it will fight US tariffs at any cost

07 April, 2018, 14:45 | Author: Sherri Guerrero
  • China says it will fight US tariffs at any cost

"We don't have a trade war, we've lost the trade war", Mr Trump said in a radio interview with NY radio show early on Friday.

"We've already lost the trade war".

President Donald Trump on Thursday night asked the US trade representative to consider slapping tariffs on another $100 billion worth of products from China on top of the $50 billion in duties proposed earlier this week. That move was a direct reaction to the tariffs on $50 billion in Chinese goods that the White House detailed on Tuesday, the USA media reported.

The Trump threat "raises the possibility of an alarming escalation in the trade conflict between the world's two biggest economies", Tom Orlik, Bloomberg Economics chief economist, wrote in a note. They calmed down Wednesday and Thursday on hopes the USA and China would find a diplomatic solution but slid Friday after Beijing said it would fight the Trump administration's latest threats.

The U.S. president cited "China's unfair retaliation" in response to his list of proposed tariffs earlier this week covering US$50 billion in Chinese products.

Mr Trump said in his statement that he's directing Agriculture Secretary Sonny Perdue to use his authority to put a plan in place to protect agricultural interests.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers".

"We think this move is created to reclaim the leverage Trump lost to China's threat of $50 billion in retaliatory tariffs on key USA exports".

China retaliated Wednesday with its own tariffs on $50 billion dollars of American products, including pork, beef, soybeans, whiskey, wine and aircraft.

The Chinese Ministry of Foreign Affairs issued an identical statement, which added that Beijing would continue to monitor tariff moves from the US.

Thursday night, China's commerce ministry responded to the Trump's announcement by saying they, "are not afraid to fight a trade war" and if the USA persisted in its actions, China would "dedicate itself to the end and at any cost and will definitely fight back firmly".

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Earlier in the week, Beijing announced separate import duties on $3 billion of United States goods in response to the Trump administration's duties on all steel and aluminum imports, including from China.

The latest sell-off comes mere hours after President Donald Trump said he was considering another wave of tariffs on China imports, to the tune of $100 billion.

The top White House economic adviser is saying, "Blame China, don't blame Trump", for any trade fight.

Kudlow said there may be more serious negotiations between the two superpowers in the coming months, and that the USA wants China to stop violating U.S. intellectual property and open the Asian nation's markets to more American merchandise and investment.

The war of words between the Trump administration and China over trade has escalated after Beijing threatened to fight back "at any cost" against new U.S. proposals for an additional $100bn (£71bn) in tariffs. But economists warn that the tit-for-tat moves bear the hallmarks of a classic trade rift that could keep growing. The proposed tariffs coming from Beijing would heavily target US agricultural industries, a section of the country composed of large swaths of Trump voters.

"We are firmly against any official or military ties between United States and Taiwan", stated Cui Tiankai, Chinese Ambassador to the U.S. Financial markets have swung wildly over the past few days in response to fears of escalating trade tensions between Washington and Beijing.

He also said no negotiations were likely in the current circumstances.

Trump tweeted moments later, criticizing the World Trade Organization and suggesting it's "unfair" to the U.S.

Trump earlier this week proposed tariffs on $50 billion in goods, raising the potential total to more than $150 billion. China ran a $375 billion goods trade surplus with the United States in 2017.

"Any additional tariffs proposed will be subject to a similar public comment process as the proposed tariffs announced on April 3, 2018". Trump has demanded that China cut the trade gap by $100 billion.

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