China hits back after Trump threatens $100 bn in tariffs

China hits back after Trump threatens $100 bn in tariffs

China hits back after Trump threatens $100 bn in tariffs

China said Friday it was ready to pay "any cost" in a possible trade war with the United States, after President Donald Trump warned he was considering Dollars 100 billion in extra tariffs.

On a holiday Friday in China, the country's Ministry of Commerce posted a statement saying the confrontation was singlehandedly started by the USA and that China would fight to the end "at any cost" if America didn't pay heed to worldwide objections and insisted on unilateral protectionism.

President Trump said Friday that he's willing to suffer some short-term losses in the stock market in order to get favorable trade with China, as he escalates his threats to impose tariffs on Chinese goods.

On Thursday evening, Trump requested tariffs on another $100 billion worth of Chinese goods, further fuelling the trade war.

"China has chosen to respond thus far with threats to impose unjustified tariffs on billions of dollars in United States exports, including our agricultural products", Lighthizer said.

China responded this month with retaliatory tariffs worth $3bn of its own against the U.S. on a range of goods, including pork and wine.

China hits back after Trump threatens $100 bn in tariffs

The White House said in a statement Thursday night that Trump was considering adding tariffs on $100 billion more in Chinese goods annually.

In making the call for extra tariffs, Trump wanted to vent his anger with a "bomb-like" statement, the newspaper said, adding that whether the tariffs are actually put into effect and what the consequences will be "are secondary to him".

Eastern time. The Dow Jones industrial average fell 146 points, or 0.6 percent, to 24,359.

Under these circumstances, Lighthizer said, the president was right to ask for additional appropriate action to obtain the elimination of the problems identified in USTR's report.

With administration officials sounding conciliatory one day and more hostile the next and the president always quick to fire off another tweet, investors simply don't know what the USA wants to achieve, said Katie Nixon, chief investment officer for Northern Trust Wealth Management.

"I have great respect for the President of China, President Xi".

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"We are on a risky downward spiral and American families will be on the losing end", Shay added in a statement, urging Trump "to stop playing a game of chicken with the USA economy".

"Mr. Trump is upping the ante, but the lack of a clear game plan and an incoherent messaging strategy from the administration is setting this up for an all-out trade war rather than a fruitful negotiation", said Eswar Prasad, professor of trade policy at Cornell University.

Speaking at a tax reform roundtable in West Virginia Thursday, he said, "We can't continue to allow this to happen where hundreds of billions of dollars is taken out of our country and our system".

The two biggest categories of US imports from China previous year were communications and computer equipment, totaling $137 billion according to US Census data.

Some of the tariffs China already announced may also cause complications by pushing up prices.

Meanwhile, as Undercurrent News recently reported, the USA imported seafood from China worth $2.6bn in 2017.

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"Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts", said Republican Senator Ben Sasse. The US president has stated he first wants to see China's goods trade surplus with the US, which past year stood at $375 billion, cut by at least $100 billion.

China announces it will impose additional tariffs of 25% on 106 USA goods including soybeans, autos, chemicals, some types of aircraft and corn products and other agricultural goods.

And Beijing has the economic equivalent of a nuclear weapon, holding more than one trillion dollars' worth of USA debt. So they pay 2.5; we pay 25. "This is the dumbest possible way to do this", said the lawmaker from the farm-belt state of Nebraska.

The tariffs would first be subject to a 60-day public comment and hearing period.

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