USA tariffs take effect, China warns of 'counterattack'

USA tariffs take effect, China warns of 'counterattack'

Bangladesh mainly sourced cotton from India in which the price of the product started to rise as Chinese importers were buying the item from the market after the China government slapped tariffs on the USA cotton, he said.

Beijing's taxes hit USA -made aircraft, cars, computer chips, fuel, pork and soybeans.

"It is troubling that the (Trump administration) continues to assume that the imposition of tariffs will convince China to resolve complex trade issues and irresponsible to downplay the impact on American workers and businesses", he said.

China on Friday accused the United States of starting "the biggest trade war in economic history" as the two sides imposed steep new tariffs on tens of billions of dollars of each other's exports.

The statement added: "China had promised not to fire the first shot, but the country is forced to strike back to safeguard core national interests and the interests of its people ..."

The president said USA tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks.

Trump's tariffs on the EU, Canada and Mexico are for as much as 25% on imports of steel and aluminium, which the United States has imposed on grounds of national security.

The US on Friday slapped tariffs on $34 billion worth of Chinese imports to combat what is says are the country's unfair trade practices.

European stocks trimmed gains and USA equity-index futures fluctuated after China said it's retaliating to US trade tariffs that kicked in Friday. "The countdown is on as to what Trump will do next".




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

"We are in a trade war", he said. In total, China and the U.S. have more than 300 disputes with different countries and trading blocks.

He also acknowledged the multi-hundred billion dollar USA trade deficit with China.

The powerful US Chamber of Commerce, a principal corporate lobby, said this week that retaliation either already in force or expected to come from China, Canada, Mexico, the European Union and others against Trump's tariffs was already affecting $75 billion in US exports.

"Clearly the first salvos have been exchanged and in that sense, the trade war has started", said Louis Kuijs, chief Asia economist at Oxford Economics.

"More multinational companies, SMEs and ordinary consumers will be impaired and many industries in the USA have realised that it is them that will bear the consequences".

"There should be no doubting Beijing's resolve", the newspaper said. This ship, carrying tons of USA soybeans, had been racing against the clock across the sea, trying to arrive in Dalian port before the tariff war started. Now that they have gone into effect, the same view is being taken of across-the-board tariffs on autos or of steeper tariffs on Chinese products.

U.S. Customs and Border Protection said in a notice it would begin collecting the 25 percent duties on 818 product lines identified in June by the U.S. Trade Representative's Office. Imaging vendors ship complete systems back to the USA for sale, or send subsystems made in China back to the US for integration into finished products.

In addition, tit-for-tat tariffs between the United States and China are very likely to bring negative impacts on the Japanese economy, the scholar said.

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