Sunday, 18 November, 2018

Chinese media mocks US President Trump

Beijing has threatened to respond'quickly with tit-for-tat sanctions on American goods if Trump pushes ahead with his plans Beijing has threatened to respond'quickly with tit-for-tat sanctions on American goods if Trump pushes ahead with his plans
Jay Anderson | 17 June, 2018, 17:46

The Chinese commerce ministry issued a statement condemning the Trump administration's most recent tariffs, stating its intent to match all tariffs with equal restrictions on USA trade in a tit-for-tat battle over trade.

The implementation date for imposing additional tariffs on the remaining 114 items, covering chemical products, medical equipment and energy products, will be announced later.

Benchmark Brent Crude Oil dropped sharply Friday by 3.38% to US$73.37 ahead of an OPEC meeting in Vienna next week as two of the world's biggest producers, Saudi Arabia and Russian Federation, indicated they were prepared to increase output. The Trump administration had once again proved inconsistent and precarious, which would become a major hurdle as the world's two largest economies interacted with each other to build a new-type of trade relations, it said.

Describing China's trade practices as "very unfair", from next month, the White House plans to tack a 25% charge on a list of significant imports from its economic rival and plans to introduce additional tariffs if China "engages in retaliatory measures".

Mr Trump has previously said that if China retaliated, he would impose tariffs on a further $US100b in goods.

Any U.S. business that buys products from China that are covered by the new tariffs will face a tax on those products.

American businesses, however, are anxious that rising trade tensions will hurt US economic growth.

A ministry statement isn't giving details, but a $50 billion list of possible targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef.




The US tariffs affect some 1,000 Chinese products and are split in two stages - applied on $34 billion in products to go into effect on July 6, followed by tariffs on $16 billion to be applied later.

Analysts warn that the move could kick of a full-blown trade war with China.

"China and the USA have conducted several rounds of negotiations in an attempt to resolve our differences and achieve win-win results", a spokesperson for China's foreign ministry said on Friday.

The official, who asked not to be identified, declined to say whether Trump would make good on a March threat to hit another US$100 billion in Chinese goods with tariffs in response to Beijing's retaliation. The 25 percent tariffs will be placed on roughly $50 billion in imports from China.

President Donald Trump has vowed to clamp down on what he calls China's unfair trade practices.

China responded to US tariffs announced Friday morning with a promise to impose reciprocal levies on a range of American products, including agricultural products, cars and seafood.

Boeing garnered about 12.8 percent of its 2017 revenues from China and is frequently seen as among the more vulnerable USA multinationals to a full-on trade war.

Mr Trump has already slapped tariffs on steel and aluminium imports from Canada, Mexico, Europe and Japan, drawing a rebuke from USA allies.

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