Asian shares, oil fall as U.S.-China trade spat escalates

22 June, 2018, 20:28 | Author: Teresa Adams
  • Trump escalates China trade war with extra tariffs

China's commerce ministry condemned the announcement, saying the U.S. was engaging in a "practice of extreme pressure and blackmail".

He noted that China's Ministry of Commerce has already promised to retaliate with "comprehensive quantitative and qualitative measures" if the USA imposes more tariffs.

In response, China announced tariffs on $34bn of U.S. goods including agricultural products, cars and marine products which will also take effect from 6 July.

"The trade relationship between the United States and China must be much more equitable", Trump said.

The latest United States and China trade dispute has anxious investors and affected stock prices and the indexes that measure them.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

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Trump's latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp. The tariffs were quickly matched by China on US exports, a move that drew the president's ire. Taken together, the two measures would raise the effective price on almost half of all imports from China into the U.S.

The Chinese retaliation pattern shows that China intends to follow Donald Trump with "equal scale and equal strength" on every move he takes against China. The sources say that China could play the "national security" card to prevent Apple's contract manufacturers like Foxconn from receiving the constant flow of parts needed to keep iPhone assembly lines running smoothly.

Later on Friday, China announced its own tariffs on American goods, including a wide range of seafood and agricultural products, many cars and trucks, petrochemicals and an array of medical equipment.

"Beijing will have to ensure that Washington is aware that there will be heavy price to pay every action it strikes against China if it is to avoid being a victim of the Trump administration's growing blood lust".

Pompeo said he raised the issue last week in a meeting with Chinese President Xi Jinping, saying, "I reminded him that's not fair competition".

China, of course, imports nowhere near $250 billion, let alone $450 billion in goods from the US each year that it could tax in retaliation.

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The move quickly drew praise from former Trump senior adviser Steve Bannon, who said: "President Trump told China and the world tonight that America will not back down when it comes to economic aggression".

Flags of USA and China are placed for a meeting in Beijing on June 30, 2017.

Trump also pointed to a news article about Canadians smuggling in American goods.

"This president has promised, going back to June of 2016, that he would use the Section 301 to crack down on China's unfair trade practices", Navarro said on Tuesday.

On April 3, the White House released a list of 1,300 Chinese products worth $50 billion that could be hit with potential tariffs.

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