China vows retaliation for latest U.S. tariff threat

Jul 14, 2018, 03:36
China vows retaliation for latest U.S. tariff threat

Not only will these tariffs threaten numerous 1.3 million jobs our industry supports, they also hurt farmers who are already reeling from low commodity prices.

"We share the concerns expressed by the American side", he said. Ryan reiterated his opposition to the president's tariffs Wednesday, saying they "are not the right way to go".

A spokesperson said farmers in Florida and the entire US rely on export markets. US President Donald Trump has suggested these could come into effect later this month.

The Chinese commerce ministry has slammed the USA plan to impose tariffs on additional imports worth some $200 billion as totally unacceptable, promising a mirror response to defend its national interests.

ACC does not believe the tariffs will change China's trading practices.

The Trump administration's tariff hike on medical equipment, electronics and other goods from China apply to exports made by US or European companies as well as Chinese suppliers.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products".

Asian stock markets fell sharply on Wednesday as investors shunned risk amid escalating trade tensions between the two economic giants. "China cheats, and manufacturers want to see China held accountable".

And now China is ready to slap tariffs on American goods like French doors.

"The threat to the USA economy is less about a question of "if" and more about "when" and 'how bad, '" David French, an executive at the National Retail Federation, told The New York Times.

In the first round of a tit-for-tat trade war, China responded to last week's United States tariffs with import taxes of equal size on $US34 billion worth of American exports.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in June.

US Trade Representative Robert Lighthizer said there was "no justification" for China's retaliation.

"In the meantime, we will remain vigilant in defending the ability of our workers and businesses to compete on a fair and reciprocal basis".

Mr Trump has threatened to tax $550bn (£415bn) in Chinese products - exceeding America's total imports from China a year ago.

The Chinese government, however, called it "totally unacceptable" and said it would take unspecified countermeasures.

Flooring products included on list are vinyl; plastic; wood-both engineered and solid; bamboo; cork; carpet-tufted and woven; tile; and ceramic-glazed and unglazed.

Additionally, they cover bags and boxes; building products, luggage and include some categories of plastic machinery and molds apparently not covered in previous tariffs.

Among premarket decliners, Boeing and Caterpillar fell around 1.5 percent each and U.S. Steel 2 percent.

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