China says it is 'shocked' by USA actions in trade dispute
China says it is 'shocked' by USA actions in trade dispute
Soybean prices have fallen dramatically in recent weeks.
Daniel Acker Bloomberg
11 July, 2018, 23:33
It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.
The dispute between China and the U.S. comes on top of Washington's confrontation with other allies and major trading partners including Canada, Mexico and the European Union, after it imposed steep tariffs on their steel and aluminum.
China's government vowed Wednesday to take "firm and forceful measures" as the USA threatened to expand tariffs to thousands of Chinese imports like fish sticks, apples and French doors, the latest salvo in an escalating trade dispute that threatens to chill global economic growth.
"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade", Li Chenggang, the assistant minister of commerce, said. "This new round of proposed tariffs takes the fight onto yet another level from which it is going to be hard for either side to make a graceful retreat", said Eswar Prasad, former head of the International Monteary Fund's China division.
The White House said it was considering additional tariffs of 10% on $200 billion worth of Chinese exports. No financial details of the agreement signed Tuesday were announced, but construction is expected to start as soon as official permits come through. They would go into effect sometime after August 30.
It also said that China would have to respond to the United States actions. "There is no justification for such action". Not only does that risk provoking Trump to follow through on threats to tax virtually all Chinese products, it could unleash nationalist sentiment on both sides that fuels a deeper struggle for geopolitical dominance.
"They continue to insist the problems we've identified are not real problems", a senior administration official said.
As a leading grain trader in these regions, COFCO can help to meet domestic demand, Yu said.
It wasn't immediately clear how China would respond to the new tariff list.
The move is a significant escalation of the trade war between Washington and Beijing, further raising the dangers of a major economic shock. President Donald Trump has threatened higher tariffs on more than $500 billion of goods, or almost all of China's annual exports to the United States.
As its dispute with Washington deepened, Beijing has been calling on other countries to support global free trade and has talked up efforts to ease investment rules.
Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while U.S. stock index futures fell in early Asian trading.
A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.
The National Retail Federation, an industry group, warned about the impact on prices from the new measures.
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What many business people are hoping of course, is that this sound and fury is just the start of another series of negotiations. Trade wars can draw blood in several ways. "You tax soybean exports at 25-percent, and you have serious damage to USA farmers".
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Set to be put into operation in 2021 and provide 600 jobs for the local area, its capacity is expected to reach 14Gwh in 2020. Chinese electric carmaker BYD has opened a new lithium battery plant in China's northwestern province of Qinghai.
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