China Hits Back After US Imposed Tariffs Worth $34bn

China rejects 'blackmail' on eve of US tariff hike

China rejects 'blackmail' on eve of US tariff hike

The Trump administration is confronting China over development tactics it says include stealing technology or pressuring foreign companies to hand it over.

Beijing insists it's the injured party.

"The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the core national interests and interests of its people". But rules on auto manufacturing and other industries require companies to work through state-owned partners, which forces them to share know-how with potential competitors. US suppliers rarely make these attachments, so the company must import them.

China today struck back against US President Donald Trump's trade offensive, intensifying the expanding and unpredictable dispute between the world's two largest economies. The president said USA tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks.

Beijing and Washington have held several rounds of high-level talks since early May, but the Trump administration has said it is considering expanding the list of targeted Chinese imports.

The president upped the stakes on Thursday, saying the amount of goods subject to tariffs could rise to more than $500bn.

With only US$130 billion in USA imports to retaliate against, Beijing has said it will take "qualitative" and "quantitative" measures against the U.S., triggering fears it could cripple the operations of United States multinationals operating there.

China said it would respond with measures of a "corresponding number and quality" if the USA produced a list of products that could be hit. Many of those industries have their roots in the Midwest and southern United States, areas that helped propel President Donald Trump to victory in 2016 on the promise of putting America first. It's also bigger than the $506 billion of goods that the United States imported from China a year ago.

John Heisdorffer, a soybean grower from Iowa and president of the American Soybean Association, said the group had appealed to the Trump administration to find other solutions to addressing trade issues with China.


Despite three rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump made a decision to go ahead with the tariffs.

Wall Street has taken the China-US tariffs enacted on Friday in stride so far, but investors are on alert for a ramp-up in the trade conflict. Because products that are made in China - from Apple products to Nike ones - are going to get expensive, and be more expensive on the shelves of Walmart for everyday American consumers.

"I think we should have left well enough alone", he said.

As the trade war with China - caused by tariffs demanded by Donald Trump - heats up, the editors of the Wall Street Journal have taken the president to task, sarcastically mocking him as a "master negotiator" who has yet to negotiate any deals while causing damage to the USA economy. The rest of the world would suffer collateral damage, even if the USA were to refrain from penalising imports from other countries.

Al Jazeera's McBride said that the looming trade war has not played well "to the general business sentiment".

Despite dire warnings about the impact on the US, Trump believes the robust American economy can outlast its rivals in the current battle.

The LSU Ag Center expects South America, particularly Brazil, to capture the majority of the market-share of US soybean exports into China.

The new tariffs will bring back a level of American protectionism that has not been seen since 1970 when the average charge stood at 6.5%.

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