China hits back at Donald Trump's tariffs as trade war finally arrives
In a second step, a 25 percent tariff would be imposed on eight goods totalling almost $2 billion, including pork and aluminium scrap, after "further evaluating the impact of the U.S. measures on China", the statement said. Trump said he had made a decision to sign the bill despite his reservations, saying that it provides much-needed funding for the military, including a pay increase for troops and new equipment.
"The Chinese side urges the US side to resolve the concerns of the Chinese side as soon as possible", the ministry said. The president has frequently taken aim at China's huge goods trade surplus with the United States, which reached $375 billion previous year.
The ratcheting up of tensions sent a shiver through world financial markets. 500-Stock Index closing down 2.5 percent for the day.
The dollar dipped to 104.90 yen as investors shifted into the Japanese currency, which is viewed as a "safe haven" from risk.
The Chinese embassy in Washington said in a statement: "If a trade war were initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures". "Nevertheless, the first volley of shots and retaliatory response has been set off".
Chinese President Xi Jinping, left, and Premier Li Keqiang.
BEIJING (AP) - Foreign policy hard-liner John Bolton's appointment as USA national security adviser comes at a particularly sensitive time for relations with Beijing following President Donald Trump's approval of new tariffs on China and a law encouraging closer relations with Taiwan. Foreign business groups complain Chinese regulators are trying to squeeze them out of promising industries.
China responded to the US tariff proposal by announcing import taxes of its own. That leaves Beijing room to take more drastic steps.
Chinese officials in a statement called on the U.S.to resolve the issues on trade through talks.
American businesses, including Walmart, Apple and other technology companies, also oppose a trade war.
The Trump administration is focused on the problem of American technology leaking to China. The revenue they'll raise won't come from China, but from the pockets of Americans who'll have to pay more for Chinese goods. He previously worked on economic sanctions at the Obama administration State Department. It will also give China time to respond. Other Chinese arms of Taiwanese and Singaporean contract electronics manufacturers rank high on the list. A second group of eight product lines worth about $2 billion in value, including pork and recycled aluminum, will face a 25% tariff.
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Goods targeted for possible higher Chinese tariffs include wine, apples and ethanol, which would hit agricultural areas where voters supported Trump in the 2016 presidential election.
Trump signaled the tariffs would affect "about $60 billion" of Chinese imports, but administration officials said the figure would be closer to $50 billion.
Those penalties - 10% on aluminum imports and 25% on steel imports - take effect Friday.
China and the United States had benefitted by globalization, Blackrock's Larry Fink said.
The real problem in worldwide trade, they say, is China, and officials have embraced joint efforts with Washington to address what they say is Beijing's unfair supports for its manufacturing industries. Past actions have covered steel, aluminum, washing machines and solar panels.
USA agricultural exports to China stood at $19.6 billion past year, with soybean shipments accounting for $12.4 billion. Washington reports different figures that put the gap at a record $375.2 billion.
The U.S. trade representative's office said it would submit a list of potential targets in 15 days.
There are fears the move would trigger a trade war between the world's number one and number two economies.
There's no disputing that China has done damage to the global trading system and USA economic interests. If China were to target soybeans, it would hurt farm states like Iowa, the home state of U.S. Ambassador to China, Terry Branstad.
The list noticeably does not include soybeans, a key U.S. export from Trump-voting states that Chinese state-run newspaper the Global Times had suggested should be targeted by Beijing.
The technology dispute stems from complaints Beijing unfairly compels foreign companies to hand over technology in exchange for market access. Mari Yamaguchi contributed from Tokyo.
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