As tariffs strike, China blames U.S. for 'largest-scale trade war'

Trade Wars: Trump loads first volley against China

Trade Wars: Trump loads first volley against China

The direct impact of the imposed tariffs on the two countries' economic growth will be modest because the value of goods involved accounts for only a sliver of bilateral trade, but the impact on targeted industries will be significant, some analysts said.

China's said it was "forced to make a necessary counterattack" to a U.S. tariff hike on Chinese goods but gave no immediate details of possible retaliation. "There are lots of things they could do to make life hard for USA businesses operating in China that would be detrimental to us".

The state-run China Daily fumed: "In effect, the Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China".

Trump has threatened to progressively ratchet up U.S. penalties to a total of $450 billion in goods - which would represent the lion´s share of all of China´s exports to the United States.

The goal was to impose tariffs on products the Trump administration thought China could improve with the help of USA intellectual property.

After China announced its willingness to retaliate with a similar amount, Trump threatened tariffs of 10 percent on $400 billion more of Chinese products.

"It is unfair competition to some degree for the U.S. So President Trump is trying to step in and do something about that", Nash said.

In 1900, tariffs accounted for about 30% of the total value of United States imports, as the country was trying to restrict imports and develop its young industrial sector.

Mark Carney, the governor of the Bank of England, warned this week that further escalation of Trump's trade disputes would hurt the American economy most, with potential to lower USA economic growth by around 5%.


China's commerce ministry said it had lodged a new complaint with the World Trade Organization (WTO). "Farmers want trade, they don't want aid". The concerns were made public Wednesday in notes from the most recent policy discussion by leaders of the U.S. Federal Reserve.

"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".

China is the biggest buyer of US soybeans, importing more than $12.4 billion worth of the oil seed in 2017. But President Trump's fundamentally nativist outlook and his take-no-prisoners, give-no-quarter negotiating style, Indian officials are acknowledging privately, comes as a sobering reminder that there is no such thing as a free lunch or friendship based on geo-politics with a businessman-President.

Mr Trump has railed against Beijing for intellectual property theft and barriers to entry for U.S. businesses and a $375 billion United States trade deficit with China.

It's also bigger than the $506 billion of goods that the United States imported from China past year.

Donald Trump believes Beijing is using unfair trade practices to gain an advantage on the U.S., which he says includes the "theft and abuse" of intellectual property rights of USA firms, such as Hollywood films or IT systems.

Chinese exporters of tools, lighting and appliances say USA orders have shrunk as customers wait to see what will happen to prices.

"If this ends at $34 billion, it will have a marginal effect on both economies, but if it escalates to $500 billion like Trump said then it's going to have a big impact for both countries", Chen said. The tactics include forcing USA companies to hand over technology in exchange for access to the Chinese market, as well as outright cybertheft.

The lists of goods to be hit by tariffs have been updated several times by both administrations.

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