Trade war erupts as China fights back against U.S. tariffs

Why they fight US and China brawl over high technology

Why they fight US and China brawl over high technology

The loss was devastating: AMSC's stock shed $1 billion in value, and the company cut 700 jobs, more than half its workforce. The report said the USA was seeking talks with the European Union and the German government. Beijing, it charges, is orchestrating a brass-knuckles campaign to supplant US technological dominance and over the next few decades make Chinese companies global leaders in such fields as robotics and electric vehicles.

Trade war tension between the United States and China has been weighing sharply on the global stock markets over the last couple of days - as the USA announced that it would start imposing 25% tariffs on nearly 818 goods imported from China.

Mr Gao said: "The US has provoked this trade war". President Trump appealed to OPEC, via Saudi Arabia, to increase production levels for the group, but we have not seen any meaningful change in OPEC oil output.

Critics argue, though, that while Trump has picked the right fight, he has chosen the wrong weapon.

But others are much broader and more likely to hit a wide range of consumers, such as US tariffs on Chinese steel and aluminum.

China's commerce ministry earlier said the country has no choice but to fight back after the U.S. "launched the largest trade war in economic history." . The organization says some states - such as Alabama, Texas and Wisconsin, where Harley-Davidson is based - are likely to see upward of $1 billion in state exports threatened by a trade war with multiple fronts.

Washington has strained relations with potential allies in its dispute with Beijing by raising import duties on steel, aluminum and autos from Europe, Canada, Mexico and Japan.

Hopes are dwindling for the world's two biggest economies to reach a breakthrough this week before Washington starts charging tariffs on $34 billion in Chinese imports.

He said China "will never fire the first shot" but will counter if the USA implements the tariffs. China says it will not "fire the first shot" but will impose tariffs on American goods immediately if the US follows through. Chinese 10-year treasury futures for September delivery, the most-traded contract, were 0.27 percent lower at 95.580.


Investors also welcomed new data Friday from the government showing that US employers kept up a brisk pace of hiring last month, without having to hike wages much. Concerns were raised that the deal would give China access to the financial records of millions of Americans, including members of the military.

The Chinese government wasted no time responding to President Donald Trump's tariffs and promised swift action in retaliation to the trade restrictions.

Coming on the heels of escalating tensions between the United States and China over tariffs and investment restrictions, the injunction sparked selling in other US chip makers.

Xi's government has expressed confidence China can hold out against USA pressure, but companies and investors are uneasy. The plan calls for creating powerful Chinese players in such areas as information technology, robotics, aerospace equipment, electric vehicles and biopharmaceuticals.

Russia's soybean fields in the far east, the agriculture region nearest to China, could grow by as much as 20 percent in the next three years, Daniil Khotko, an analyst at Moscow's Institute for Agricultural Market Studies, told Bloomberg.

But China is not the only country to find itself in Washington's crosshairs lately when it comes to trade.

The Trump administration is confronting China over development tactics it says include stealing technology or pressuring foreign companies to hand it over. It is now the world's largest exporter of high-tech products. Americans worry that rising Chinese technological prowess might erode USA industrial leadership and prosperity. But the partnership imploded.

"Poor little soybeans. Try to become a bean sprout, maybe it's not on the tariff list", the user said.

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