U.S. tariffs take effect, China warns of 'counterattack'
09 July, 2018, 15:37
Minutes later, China's Commerce Ministry issued a statement, saying that "the United States has violated World Trade Organization rules and waged the biggest trade war ever in economic history".
"If this ends at $34 billion, it will have a marginal effect on both economies, but if it escalates to $500 billion like Trump said, then it's going to have a big impact for both countries", said Feixiang.
"There should be no doubting Beijing's resolve", the China Daily said.
Besides affecting "innocent" transnational companies, the tariffs will also hurt ordinary companies, global consumers, as well as USA enterprises and consumers, the Chinese ministry added.
"The Trump administration also believes that at least starting a trade war is in its interests; the United States economy is strong enough to endure a crimp in trade, the president's domestic political standing is as strong as ever amongst Republicans, and pushing China hard on trade may help restore USA credibility on other issues", he added. It said US companies want fairer treatment but will be hurt by US-Chinese tensions. But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational.
The dispute has roiled financial markets including stocks, currencies and the global trade of commodities from soybeans to coal in recent weeks.
Chinese shares, battered in the run-up to the tariff deadline, reversed earlier losses to close higher, but the yuan remained weaker against the dollar.
There are already signs within the U.S. that companies are pausing decisions on investment and hiring and input costs flowing from the earlier increase in duties on steel, aluminium and washing machines are flowing through to higher end-prices.
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PRICE WATCH: Importers of American retail goods hit by higher Chinese duties were reluctant to pass the costs on to consumers for now. The products, all sold on Chinese e-commerce platforms, ranged from pet food to mixed nuts and whiskey.
Signs were pointing to a softer United States stance toward China, even after both countries fired the first salvos in their trade war last week, analysts said.
Trump ran for the White House on a vow to reverse decades of US policy by scrapping deals that he said put American manufacturers at a competitive disadvantage and by forcing USA trading partners to shrink their trade surpluses with the United States. We understand that they have not treated American business and American trading partners very well over the past several decades.
"The duties are typical bullying behavior, which will have a serious impact on the global industrial and value chain and pose obstacles to global economic recovery", China's commerce ministry said.
So these tariffs China is imposing on goods like American soybeans won't, in the long term, affect their production of soy goods but are something American producers have to keep an eye on.
After that, the hostilities could intensify: Trump said the U.S.is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield to USA demands and continues to retaliate.
"This is not economic Armageddon".
"But it is applying the brakes to a global economy that has less durable momentum than appears to be the case".
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