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China vows retaliation for latest $200bn USA tariff threat

China vows retaliation for latest $200bn USA tariff threat

It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.

The more it turns up the heat therefore, the more likely the tariffs get implemented as just like the 25 per cent levies on $34 billion of Chinese and USA imports triggered on Friday.

It also approved a huge new wholly-owned Shanghai factory for USA electric auto maker Tesla Inc, and a $2.3-billion joint venture organic light-emitting diode (OLED) plant to be built by South Korea's LG Display Co Ltd. Some Korean exports could replace Chinese goods to be slapped with tariffs, for example.

China retaliated in lockstep against the initial $34 billion - a move that directly led to Trump's latest threat - and has pledged to do the same with the looming $16 billion.

It also insisted that China take no action, either by means of retaliation or action in the WTO, against United States tariffs imposed against it. China immediately retaliated with tariffs on its own list of $34 billion worth of American goods. The tariffs announced Tuesday would be the third wave. Beijing did not retaliate when the U.S. placed tariffs on steel and aluminum products.

The Chinese commerce ministry said that it was "shocked at the United States action" and warned that it would be forced to retaliate "to protect the core interests of the nation and its people".

Although it was not a direct reaction to the new move from Trump's administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington.

One of Canada's top economists says Canada is caught in the crossfire of a U.S.

The official added that China has not been prepared to talk about Made in China 2025, a government plan to make the country a global leader in industries of the future such as robotics, electric cars and computer chips.

"It is impractical for China to match tariffs by quantity", said Frances Cheung, head of Asia macro strategy at Westpac in Singapore.

China's stocks slumped following news of the new tariffs after three days of gains, and the yuan weakened.

That means that United States companies working inside of China may be about to feel the wrath of the Chinese government - and consumer.

They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory.

City traders will be trudging wearily to their desks this morning after last night's gripping World Cup drama, and worrying about the impact of a US-China trade war.

Tuesday's announcement was met with backlash from some quarters.

Republican Senate Finance Committee chairman Orrin Hatch said he opposed the proposed new measures.

"As a result of China's retaliation and failure to change its practices, the president has ordered USTR to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports", he said in a statement.

ENERGY: Benchmark U.S. crude gained 54 cents to $70.92 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price global oils, gained 85 cents to $74.25 per barrel in London. "But more tariffs like these will punish America's manufacturing workers - and could undermine our hard-won gains thanks to tax and regulatory reform". There might even be a temporary boost to second quarter data, as exporters may have attempted to sell more before the imposition of tariffs.


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