Retaliatory Measures Against US Tariffs Already In Effect, Says China

Retaliatory Measures Against US Tariffs Already In Effect, Says China

Retaliatory Measures Against US Tariffs Already In Effect, Says China

"China will not bow in the face of threats and blackmail, nor will it be shaken in its resolve to defend global free trade", said ministry spokesman Gao Feng at a news conference. Exports to the United States account for only 19% of all of China's exports.

"No one wins in a trade war, and it is America's manufacturing workers and working families who will bear the brunt of continued tariffs".

What tariffs are now in effect?

Chinese stocks were down by midday on Friday and the yuan was also off against the dollar as United States tariffs on Chinese goods kicked in.

President Donald Trump's administration's 25 per cent tariffs are targeting Chinese products such as industrial machinery, medical devices and auto parts.

Russian Federation is introducing extra duties on a range of products imported from the USA that can be replaced by locally made equivalents.

They include road-building equipment, products for the oil and gas industry, and tools used in mining.

In a fresh sign of industry´s unease, a business survey on Thursday again showed the United States services sector was already experiencing supply chain interruptions and rising costs in anticipation of heightened trade restrictions.

The Chinese Foreign Ministry said "retaliatory tariffs" also took effect, but provided no other details. Previously, Trump had threatened up to $400 billion in additional tariffs should China follow through on its plans to retaliate against the initial USA tariffs on Chinese goods including autos, computer disk drives, pump and valve parts and light-emitting diodes.

The agency said on Thursday that tariffs on US products will take effect immediately after USA tariffs on Chinese goods kick in.

European pork will gain some ground over the USA, which shipped nearly $500m worth of pork to China a year ago.

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The Trump administration initiated the dispute in April, announcing the tariffs and accusing China of using "unfair" tactics to build a large trade surplus with the USA and expropriating American technology.

And minutes from the most recent Federal Reserve meeting showed that Fed officials are increasingly anxious about economic harm from the Trump administration's trade policies. I fought hard for them and ultimately they will not pay tariffs selling into the European Union, which has hurt us badly on trade, down to $151 Billion.

Beijing has made the semiconductor sector a key priority under its "Made in China 2025" strategy, which has intensified after a US ban on sales to Chinese phone maker ZTE Corp (000063.SZ) underscored China's lack of domestic chips.

The tension between these factions is occasionally on display in the West Wing.

What do China and Russian Federation say?

"Trade war is never a solution", said Chinese Premier Li Keqiang. It accused the United States of "typical trade bullying".

Beijing has accused the U.S. of "firing on the whole world" with the measures, pointing out that most of the Chinese exports under attack are largely made by companies with foreign investment - including from America.

Will there be a full-scale trade war?

"We can probably say that the trade war has officially started", said Chen Feixiang, professor of applied economics at Shanghai Jiaotong University's Antai Colege of Economics and Management. "We will not have to hunt our food with pointy sticks", Rob Carnell, chief Asia economist at ING, said in a note. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case". "Imposing high tariffs definitely hurts China badly, but we will not be beaten down", she said.

Even though the tariffs just kicked in, they were approved in back in March and have already managed to make a negative impact.

"In the past few decades, China has always been one of the most popular markets for foreign investors".

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