Samedi, 23 Mars 2019
Latest news
Main » Beijing to fight U.S. tariffs 'at any cost' after Trump threat

Beijing to fight U.S. tariffs 'at any cost' after Trump threat

08 Avril 2018

China responded within hours by announcing $50 billion worth of tariffs on United States goods.

China's Commerce Ministry spokesman, Gao Feng, called the United States action "extremely mistaken" and unjustified, adding that the spat was a struggle between unilateralism and multilateralism.

The Standard & Poor's 500-stock index and the Dow Jones both slid sharply as a slower-than-expected job report also contributed to the bear market.

China vowed to retaliate if the US imposes newly threatened tariffs on Chinese goods and ruled out engaging in negotiations while Washington is escalating the pressure on Beijing over trade.

"If the United States disregards the objections of China and the worldwide community and persists in unilateralism and trade protectionism, the Chinese side will follow through to the end, at any cost, and definitely fight back resolutely", a spokesperson was quoted as saying on the ministry's website.

China issues a statement in which it warns Trump that it won't back down: "China would fight to the end to defend its own legitimate interests with all necessary measures".

President Donald Trump on Thursday night threatened another escalation in a rapidly escalating trade battle with China, which then vowed to retaliate.

Larry Kudlow, Trump's top economic adviser, sought to calm markets Friday afternoon at the White House, to little apparent avail. He told reporters there is "nothing around the corner" regarding any concrete tariff plans.

Shanghai crude futures trading will resume on Monday after public holidays in China. That means things like tourism and education, industries from which the United States benefits a lot more than China does. Ben Sasse, R-Neb., who tweeted that the president is "threatening to light American agriculture on fire".

Criticising the move, the spokesperson added, "Concerning the USA statement, we will not only listen to the words but also watch the deeds".

In a statement released yesterday, Trump said that he decide to propose a huge hike in the tariffs on Chinese goods "in light of #China's unfair retaliation" towards previous moves on trade enforced on them by the U.S. government.

Washington's punitive measures are centred on China's hi-tech sectors, including 25 per cent tariffs on Chinese industrial, medical, aerospace, communications, and transport products.

On Wednesday, China published a list of 106 products ranging from soya beans to aircraft that will be faced with a 15-to-25% tariff. There's no timeline for developing a product list for Trump's new request for tariffs on an additional $100bn worth of imports, and interested parties will have an opportunity to comment, an administration official said on Friday.

The comments echo the fiery rhetoric in state and Communist Party-backed publications over the past week as the standoff with the US escalates into a possible all-out trade war. China responded by imposing similar measures on $3 billion worth of US pork, fruit and other items.

A USTR spokeswoman said that the $100 billion second-round of potential tariffs had not been determined yet and would be selected by USTR career staff - not political appointees - along with economists and trade experts.

He said that improper trade practices by China and the theft of intellectual property had harmed the USA economy.

While China had strived to move up in the value chain, it was still largely "a country that assembles products rather than innovates and develops the IP behind them", Evans-Pritchard said. But it's unclear whether the two sides will be able to reach a mutually acceptable deal.

If China "were to try and respond in kind, there would not be enough United States goods to tariff", said Alex Wolf, an emerging markets economist at fund manager Aberdeen Standard Investments.

This spat - ostensibly for Beijing's alleged theft of intellectual property and technology - is just one front in the ongoing trade tussle.

Beijing to fight U.S. tariffs 'at any cost' after Trump threat