Asian countries denounce threat of global trade war

Evan Vucci | AP  President Donald Trump pauses during remarks at a campaign rally at Florida State Fairgrounds Expo Hall in Tampa Florida

Over time, USA companies are likely to switch suppliers or change their products to use less of the higher-costing goods, but that doesn't happen right away. It said retaliatory duties of between 5 and 25 percent will be imposed on 5,207 products "if the USA side persists in putting its tariff measures into effect".

The U.S. has imposed tariffs targeting aerospace, robotics and other forms of technology, while China retaliated with tariffs on agricultural products, seafood and cars, among other things.

Since January of this year, the total equities in China's stock market have tumbled by over $2 trillion, and most of the loss is due to the intensifying trade and tariff disputes with the USA started by President Donald Trump.

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing a trade policy that will hurt USA families and workers more than they will hurt China", a major trade group, the National Retail Federation, said in a statement last week.

A ministry statement said, "China is forced to take countermeasures". European soybean imports from the US were likely to increase naturally. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

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"China will not rush to compete with US numbers", it said, echoing comments made by state television.

This could drive USA importers to stop bringing in certain goods because they are too costly, hurting the foreign manufacturers, but those foreign companies do not pay the tariffs, and neither do the foreign countries where those companies are based. Washington also wants China to stop subsidizing Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

The result could weigh on revised calculations of second quarter growth, which President Donald Trump hailed as a key The US bilateral trade deficits also expanded with China, the European Union, Canada and Mexico achievement of his economic policies last week after it was reported as the strongest GDP increase in almost four years.

The United States slapped duties on $34 billion worth of Chinese goods, provoking a similar response from China.

"The US has repeatedly betrayed the consensus reached by negotiations, and accelerated the trade war unilaterally again".

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The rising tensions have weighed on Chinese stock and currency markets, with the Chinese yuan falling against the dollar. The president is not about to back down.

Should Trump follow through with threats of $200-$500 billion more tariffs on China imports, the United States and China will likely slip into a currency war as China allows its currency, the Yuan, to devalue further.

Liang stressed that USA consumers would ultimately pay the price for Trump's irrational trade policies, pointing out that the U.S. imports its nitrosamines, an industrial raw material, from China.

The goal of the talks was to "prepare for more formal negotiations" but the progress had been slowed down due to the mistrust on both the sides, the Post quoted official sources as saying.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) before their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore, yesterday. The country exported about $500bn in goods to the USA and imported about $130bn. "But actually, as journalists have noted, how can talks take place under this pressure?"

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The president said Sunday his tariffs are working and will lead to better trade deals for the United States.

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