China says new tariffs are an act of 'blackmail'
- Jon Douglas
Last week, the Trump administration said 25 percent tariffs on $34 billion worth of Chinese imports will take effect July 6.
Analysts say the Chinese government could target trade in services between the two countries rather than physical products.
Its study says that uncertainty acts like a non-tariff barrier to impede trade and investment by encouraging American companies to move factories back to the United States and reduce incentives for USA firms to invest overseas.
Beijing responded by saying it would hit 659 USA products worth $50bn - including agricultural products, cars and marine products - with a similar tax.
After threatening on Friday additional tariffs of 25 per cent on US$50 billion of American products, China can raise tariffs on more United States goods, such as aircraft.
Analysts in Washington warned that China could also raise tariffs on USA good, as it did on Friday, by announcing additional tariffs of 25pc on $50bn worth of American products.
Today, I directed the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.
"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology".
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"Faced with this heightened intimidation from the U.S., China has no choice but to fight back with targeted and direct measures aimed at persuading the U.S.to back off, since it appears that any concessions it makes will not appease the Trump administration, which wants to suck the lifeblood from the Chinese economy", the newspaper said. Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of United States goods on which to impose retaliatory tariffs.
Jacob Parker, vice-president of China operations at the US-China Business Council, said China would undoubtedly begin looking at other ways to enforce action against U.S companies operating in the market.
China could allow its yuan currency to drift lower against the dollar, making USA goods more expensive and making Chinese exports cheaper.
"The United States has initiated a trade war that violates market laws and is not in accordance with current global development trends", China's Commerce Ministry said.
"That could have an enormous impact because many of our companies operating in China have significant market share built up over decades". The Dow Jones industrial average is called to open more than 350 points lower. Boeing's stock shed 4.3 percent, Caterpillar 4 percent and GE 2.2 percent.
"This practice of extreme pressure and blackmail deviates from the consensus reached by both parties on many occasions and is disappointing for the global community", the Commerce Ministry said in a statement.
The survey was conducted in February and March, before the latest escalation in U.S.
On Friday, Trump said he was pushing ahead with a 25 percent tariff on $50 billion worth of Chinese products, prompting Beijing to respond in kind.
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Mr Trump added: "These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".
But Beijing's mention of "comprehensive measures" suggests that it would go beyond tariffs, said Jake Parker of the U.S.
Beijing could seek to make life hard for U.S. companies that rely on the Chinese market. Chinese tourism to South Korea was cut almost in half, hurting hotels, duty free stores and other travel businesses.
And the China trade offensive is only one side of Trump's multi-front battle with all major U.S. economic partners.
Russia's Economy Minister, Maxim Oreshkin, said the tariffs would target goods of which the Russians already had domestic equivalents.
The initial list of 1,102 Chinese products facing tariffs, covering 28 closely printed pages, was issued June 15.
"China trade remains a lingering theme, at least until the US tariffs take effect early in July", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
China shipped far more goods to the United States ($505 billion a year ago, according to U.S. figures) than came back in the opposite direction ($130 billion). The White House is finalizing a list of $16 billion in additional goods it will sanction later.
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The 25 percent duties imposed by China go into effect July 6, and cover high-profile US products such as electric vehicles, soybeans, whiskey, orange juice, lobsters, salmon and cigars.
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