Trump readies tariffs on another $US200m of Chinese goods

Trump readies tariffs on another $US200m of Chinese goods

Trump readies tariffs on another $US200m of Chinese goods

The new trade frictions sent investors running for cover, with equity markets across Asia tumbling more than 1%.

But critics argue that despite its attempt to claim the moral high ground as U.S. President Donald Trump threatens to apply more tariffs on Chinese imports, Beijing's recent moves to make it easier for foreign businesses to set up operations also effectively acknowledges that it has had discriminatory market barriers.

"China seems to have no interest in bending and they will retaliate".

The U.S. has long criticized China, accusing it of unfair trade practices and appropriating intellectual property.

"It looks like the United States just took the scale of the trade frictions to another level", Li said at a forum in Beijing.

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Nearly 69 percent of the 434 respondents to the annual China Business Climate Survey of the American Chamber of Commerce in Shanghai opposed tariffs, while just 8.5 percent backed them, the body said. During a visit to Germany this week by Chinese Premier Li Keqiang, the countries signed business deals worth more than $23 billion.

So far, China has been measured in its response to the new United States trade policy.

China's commerce ministry said it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.

Hong Kong-listed shares in Chinese telecommunications equipment maker ZTE soared 25% Thursday, after the company cleared the last major hurdle to lifting US sanctions.

But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion previous year, according to USA figures) than come back in the opposite direction ($130 billion).

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And Beijing is still holding up at least one major takeover involving foreign companies - US chipmaker Qualcomm Inc's deal to buy Netherlands-based NXP Semiconductors NV.

Beijing's commitment to its ongoing deleveraging campaign means that tight credit conditions will continue, Yan said. China's yuan meanwhile dropped 0.45 per cent against the dollar to move back towards an 11-month low plumbed last week.

The measure is a significant escalation of the conflict and easily tops the $50 billion in tariffs that the two countries have so far levied on each other, or are about to levy.

While China does not export enough goods to the United States to match the value of the announced tariffs, combining U.S. corporate revenue inside China with exports would give America a trade surplus of US$20 billion, according to research from Deutsche Bank cited by Bloomberg. But one source at a top Chinese news site told Reuters that the new rules are "the most strict yet".

Beijing warns of "necessary countermeasures" as Washington announces 10 percent tariffs on Chinese goods, upping the ante in its trade dispute with the Asian economic giant.

. "They have never been tested this way", a USA industry source told Reuters, asking to not be named given the sensitivity of the matter.

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"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy". "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.

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