Beyond the trade war, US and China fight for economic supremacy

China EU USA trade war alliance Donald Trump President Xi

"So we have 50 plus 200 plus nearly 300", Trump, who is keen to reduce the huge USA trade deficit with China, told reporters aboard Air Force One en route to a rally in Montana.

Trump on Friday slapped tariffs on $34 billion in Chinese imports, and Beijing fired back by taxing an equal amount of US products.

Trump has "ignited the biggest trade war in economic history", the Chinese Ministry of Commerce said.

The foreign ministry in Beijing said retaliatory measures "took effect immediately" with state news agency Xinhua confirming they were also 25-per cent tariffs on an equal amount of goods.

"Tariffs will negate gains made by the public from tax reforms and deregulation, push up USA production costs, damage the competitiveness of businesses and their workers, and force companies to look outside the U.S.to maintain production".

The Commerce Ministry on Friday criticized Washington for "trade bullying" following the tariff hike that took effect at noon Beijing time in a spiraling dispute over technology policy that companies worry could chill global economic growth.

China's government also announced it was adding this round of United States tariffs to an existing complaint filed with the WTO in April shortly after Washington unveiled the threat to punish Beijing for its policies on intellectual property.

The technology industry on Friday voiced its frustration as President TrumpDonald John TrumpEx-CIA chief Brennan compares Trump to Bernie Madoff Timeline: The controversies of Scott Pruitt Warren: Trump should have fired Pruitt "28 scandals ago" MORE's tariffs on roughly $34 billion worth of Chinese goods took effect. Part of his plan is to radically change how U.S. trade deals work and to focus on protecting the domestic economy.

"Generally speaking we're not going to get caught up in the tariffs the United States is applying to China because we have a different export profile", said Jacobi, who is executive director of the NZ International Business Forum. USA soybean farmers have been particularly concerned, and the price of soybeans has plunged 17 percent over the past month on tariff fears.

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.


The US trade deficit in goods with China ballooned to a record $375.2-billion previous year, further stoking Trump's ire.

While the USA tariffs aim to cut down the trade deficit, there are worries about how China's retaliatory tariffs will hit the U.S. economy.

Another seller said they didn't know how tariffs would impact U.S. sellers, but called for shipping-rate parity, referring to the impact of Terminal Dues that makes it cheaper to ship to USA shoppers from certain countries than it costs United States sellers.

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 economists have voiced concerns that the U.S.

He went on, "If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods".

In a statement released shortly after the U.S. tariffs went into effect, China's Ministry of Commerce called the move "typical trade bullying" and warned that retaliation would be swift.

Canatella says since the trade dispute began, he's lost about $100,000 dollars just because of market uncertainty. Mary Lovely, economics professor at Syracuse University, says that roughly 60 percent of U.S.

The paper holds that the tariffs will affect several US sectors, including technology (which Trump says he's trying to protect) while hitting multinational supply chains and firms, as well as harming foreign investment in Chinese firms by allies such as Japan, South Korea, and European Union countries. The Communist Party newspaper People's Daily said they were imposed on a $34 billion list of goods issued last month that included soybeans, pork and electric vehicles.

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