China: US tariffs will hit intl. supply chains

China: US tariffs will hit intl. supply chains

Eastern, when the US targets 818 of China's technology products, including auto parts, and aerospace and medical instruments.

Gao also said USA business interests would suffer from the first set of tariffs, with about US$20 billion of the targeted goods, or 59 per cent, produced by foreign firms, including U.S. ones.

Chinese officials on Thursday said they were prepared to respond with tariffs on $34 billion worth of American goods, raising serious concerns among industry leaders in the US agricultural, manufacturing and technology sectors and increasing the odds of billions more in import taxes for both countries in the coming months.

The United States is "opening fire" on the world with its threatened tariffs, China warned on Thursday, saying no one wants a trade war but it will respond the instant US measures go into effect, as Beijing ramped up the rhetoric in the heated dispute.

"China will not bow in the face of threats and blackmail, nor will it be shaken in its resolve to defend global free trade", said ministry spokesman Gao Feng at a press conference.

Beijing denies it's in the wrong and says it's ready to fight a trade war until the end.

The Customs and Border Protection's website confirmed on Thursday that the new tariffs on Chinese goods will take effect Friday at 12:01 a.m. On April 3, the United States released a list of targets for proposed tariffs on $50 billion worth of Chinese imports, taking aim at high-tech and industrial goods.

American business leaders fear these are the "qualitative measures" China warned it would unleash if President Donald Trump imposed tariffs on its exports to the United States. That could lead to politically unpalatable job losses. Americans worry that rising Chinese technological prowess might erode US industrial leadership and prosperity.

It fueled the wider European auto sector's best day in more than two years with the mood also been helped by a stronger-than-expected jump in German industrial orders after four months of falls.




The initial set of US tariffs could rock companies in the technology sector and hike the price of "Walmart-type" products.

"In the past 40 years, the development of China's society and economy has encountered many difficulties and problems, but as long as we uphold the leadership of the Communist Party and reform and opening up, we can surmount all challenges", Guo said in a statement. "I will do whatever I can, including layoffs". Beijing plans to fire back by hitting 545 American products such as SUVs, meat and seafood.

In addition to the first tranche of tariffs going into effect Friday and the second coming in weeks, Trump has continued to threaten more action against China unless the country shrinks its trade imbalance with the US. -China Economic and Security Review Commission, set up by Congress to track the national security implications of trade with China, say tariffs are likely to inflict a lot of economic damage on both economies and depress global trade.

"Although we do not believe China will weaponize its currency, we do believe the current trajectory of Chinese yuan depreciation is justified", strategists at Bank of America Merrill Lynch wrote in a note. The Trump administration has also weighed restrictions on Chinese companies and start-ups in sectors ranging from aerospace to robotics.

As the deadline approached with little sign of a last-minute deal, US stocks pared gains. Beijing has used such tactics in dustups with various countries, including South Korea, Australia and Norway. -China trade has been brewing for years, but has intensified rapidly in 2018. "They are a vital trading partner, and we need to continue to do business with China without the sting of these tariffs". US firms in China are already reporting spikes in random inspections at ports.

That would slow his research. "Even if you force domestic technology companies (to improve), it may take a while for them to adapt".

He's sure to steer clear of any obvious backtracking that might make him look weak.

"We will continue to assess the potential impact of the USA -initiated trade war on companies and will help companies mitigate possible shocks". "Simply put, the U.S. is opening fire on the whole world, and also firing at itself".

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