Published: Thu, July 12, 2018
Markets | By Noel Gibbs

China vows to fight back as the trade war escalates

China vows to fight back as the trade war escalates

"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade", assistant minister of commerce Li Chenggang told a forum in Beijing. High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war.

US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".

China has imposed retaliatory tariffs on $US34 billion of American goods as a trade war begins.

The detailing overnight of US President Donald Trump's already-threatened 10 per cent tariffs on an additional $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row.

In a statement, U.S. Trade Representative Robert Lighthizer said that the new 10-percent tariffs were in response to what he called China's "retaliation and failure to change its practices".

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"Trade experts we have consulted point to the potential for anti-U.S. social media campaigns, delays or blockage of regulatory approvals, travel bans, investment restrictions, among other options", Raymond James analyst Ed Mills said in a report.

China's government has criticized the latest United States threat of a tariff hike as "totally unacceptable" and vowed to retaliate in their escalating trade war.

The American announcement came Tuesday - days after the US began adding 25 percent tariffs on $34 billion of Chinese goods.

The US trade deficit in goods with China ballooned to a record $375.2bn previous year, stoking Trump's anger.

ACC does not believe the tariffs will change China's trading practices. China has vowed to retaliate dollar-for-dollar to any further USA tariffs.

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The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some USA business groups and senior lawmakers were quick to criticize the move.

President Trump has escalated America's trade dispute with Beijing, ordering officials to impose tariffs on thousands more Chinese products worth $200 billion. "China has not changed its behaviour - behaviour that puts the future of the US economy at risk".

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", David French, the group's senior vice president for government relations, said in a statement. Those nations also have retaliated.

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

Australia's dollar, often seen as a proxy for China's economic fortunes due to Australian raw materials exported there, was 1.09 percent lower. Until January 2017, Ivanka's products were made in factories based in China and Hong Kong; around the time of Trump's inauguration, they appeared to make a well-timed exit and moved to other foreign factories, such as those in Indonesia, Vietnam, and South Korea. The levies announced Tuesday - together with some US$50 billion already in the works - stand to raise import prices on nearly half of everything the USA buys from the Asian nation.

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