wnol.info July 21 2018

China says forced to react after U.S. launches ‘largest trade war’

July 21 2018, 08:02 | Irvin Gilbert

GETTYBut the EU rejected any idea of allying with China against Washington

China EU USA trade war alliance Donald Trump President Xi

"After the USA activated its tariff measures against China, China's measures against the U.S. took effect immediately", said Lu Kang, a foreign ministry spokesman.

U.S. officials accuse China of building that country's emerging industrial dominance by stealing the "crown jewels" of American technological know-how through cyber-theft, forced transfers of intellectual property, state-sponsored corporate acquisitions and other underhand practices.

Beijing insists it's the injured party.

The Chinese Ministry of Commerce called the tariffs "typical trade bullying" and said Trump "launched the largest trade war in economic history".

At 12:01 a.m., the US slapped a 25 percent tax on $34 billion worth of Chinese imports.

At the same time, China is trying to present a friendly face to foreign businesses, including American players.

It turns up the heat in an increasingly bitter trade war between the USA and its biggest trading partner.

The big question is how far the hostilities between Washington and Beijing will go. Friday's tariffs could just be the opening skirmishes in the trade war, as U.S. President Donald Trump has vowed to hit $450 billion in Chinese goods, the vast majority of imports. It said they would damage the global economy unless other countries stop them.

'There should be no doubting Beijing's resolve, ' the newspaper said.

Chinese President Xi Jinping (left) and US President Donald Trump in Florida a year ago.

He described the potential escalation to reporters aboard Air Force One: "Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?" "So we have 50 plus 200 plus nearly 300".

United States customs officials will now begin collecting an additional 25% tariff on imported Chinese goods such as farming plows, semiconductors and airplane parts. Some economists question the accuracy of the official figures, yet the US Census Bureau shows America bought $376bn more of Chinese goods than the total value of all US goods sold in the Asian country previous year.

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But the trade gap between the United States and China widened sharply, Commerce Department said. Prices are about to go up on numerous import items, which will make clear that tariffs are actually - ta da! - taxes on domestic consumers rather than on foreign exporters.

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union.

USA tariffs on $34bn (£25.7bn) of Chinese goods came into effect on Friday.

Curious about the products affected by new tariffs?

"I don't see this ending well", she said.

In other words, the United States and China are likely to impose penal tariffs on their entire imports from each other.

With that now looking likely there are fears the world faces a wide scale trade war - with the United States also targeting Europe and Canada.

"Millions of American jobs depend on America's ability to trade with other countries", the chamber said in a recent statement.

Under the snippy headline " So much trade losing", the lead editorial compared the Trump trade war to the start of Civil War that led to nothing but tragedy for the rebels of the South.

Nonetheless, despite the urging of business groups and lawmakers to negotiate a truce, there was little sign Friday that the two sides would reach a compromise anytime soon.

"Meanwhile, American consumers will pay more for cars and health care due to US tariffs on Chinese-made auto parts and medical instruments", they continued.

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