China says it rejects ‘threats and blackmail’ ahead of tariffs

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

In response to the US announcement to impose additional duties on Chinese imports, the Customs Tariff Commission of the State Council decided in mid-June that additional tariffs for 545 items worth about 34 billion USA dollars, including agricultural products, vehicles and aquatic products, will be effective from July 6, 2018.

Speaking at a weekly news conference, Chinese Commerce Ministry spokesman Gao Feng warned the proposed United States tariffs would hit global supply chains, including foreign companies in the world's second-largest economy.

Washington's targets for higher border taxes focus on industrial components like PC parts, fuel pumps, construction equipment and autos, according to trade data firm Panjiva. As an example, Chinese companies are reselling USA soybeans, and Chinese companies are expected to cancel most of the remaining soybeans they have committed to buy from the the year ending August 31, once the extra tariffs take effect.

China cannot match Trump on tariffs - it imported $130 billion in goods from the United States a year ago, compared with America's $505 billion in purchases from China - but it can apply other forms of pressure, analysts say.

But equally likely to be affected from the fallout of a full blown trade war are the economies of a number of countries that are tightly integrated into the global value chain - which companies increasingly use to fragment production of their goods.

The White House said on Monday that Canada's decision to enact tariffs on C$16.6 billion ($12.63 billion) worth of American goods in retaliation for US tariffs on imports of Canadian steel and aluminum would not help its economy.

Added to the tariffs are the increased scrutiny on Chinese investments in the United States, which the government says are sensitive for economic or national security reasons, which already has reduced incoming investment.

"China will not bow down in the face of threats and blackmail and will not falter from its determination to defend free trade and the multilateral system", the spokesperson added.

Both Chinese and US business sources in China said there appeared to be little hope that the tariffs could be averted.

"Escalating tariffs against the United States does nothing to help Canada".

Chinese stock fell Wednesday due to fears of a looming trade war.

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US carmaker Ford Motor Co said on Thursday it has no plans now to hike retail prices of its imported Ford and Lincoln models in China, despite steep additional tariffs on imported USA vehicles set to come into play on Friday.

With further tit-for-tat levies already threatened between the US and China, some investors are concerned this week may mark the start of a trade war that spreads globally.

In a country where regulation enforcement can vary widely by region, it's hard for analysts to know whether these sudden administrative headaches are a coincidence or the Chinese government following through on threats to make life harder for Americans in business.

The United States is "opening fire" on the world with its threatened tariffs, the Chinese government warned on Thursday, saying Beijing will respond the instant USA measures go into effect as the two locked horns in a bitter trade war. Americans worry that rising Chinese technological prowess might erode USA industrial leadership and prosperity.

In the latest sign that the risk of penalties is hitting trade, a vessel carrying US coal and heading for China was diverted on Wednesday to Singapore.

Trump himself tweeted this week that the economy is doing "perhaps better than ever" even "prior to fixing some of the worst and most unfair Trade Deals ever made by any country".

"There is a chance the company will lose money and might go bankrupt", said Tong.

The Washington Post's Yang Liu contributed from Beijing.

This set off furious negotiations, which eventually resulted in a tentative trade agreement between the Trump administration and Chinese officials.

Beijing will impose duties on almost 30 billion dollars of American products.

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