China Blasts New US Tariff Threat, Warns It Will Retaliate

China labels Trump tariff threat as ‘extreme pressure and blackmailing’ | TheHill

China warned it will take "qualitative" and "quantitative" measures if the USA government publishes an additional list of tariffs on its products.

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.

Donald Trump threatened to impose an additional $200bn in levies on Chinese goods on Monday evening, days after the U.S. announced $50bn in tariffs aimed at punishing what the United States administration sees as unfair trade practices.

China's commerce ministry immediately responded by saying the United States "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society".

"As we've said before, tariffs - at any amount - will not fix the problem of China's unfair practices".

The Canadian dollar, meanwhile, weakened to a one-year low of C$ 1.3237 overnight, before paring some of its losses on Tuesday, as investors anxious about Canada's own trade feud with the United States.

When Trump announced plans on Friday to impose 25 per cent tariffs on US$50 billion worth of Chinese imports, Beijing responded by publishing a list of United States products - including everything from soybeans to cars - that it would subject to retaliatory tariffs of the "same scale and intensity".

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods".

China's Government denounced Mr Trump's threat and warned it would respond with "strong countermeasures".

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Trump has taken direct aim at Beijing's industrial policies by targeting tariffs at goods the White House benefit from them.

Trump said that he had ordered US Trade Representative Robert Lighthizer to identify a second tranche of goods imported from China for tariffs of 10 per cent. "The trade relationship between the United States and China must be much more equitable", Trump said.

China bought American goods worth $153.9 billion past year, while exports to the United States totaled $429.8 billion, according to customs data.

Some companies have reported Beijing is meeting with Chinese businesses to discuss shifting contracts for usa goods and services to suppliers from Europe or Japan, or to local Chinese firms, Parker said.

If Trump really meant to launch a trade war, the last thing on his mind would be saving ZTE's 70,000 Chinese jobs.

"China could target US firms through tax and regulatory policies", said Citigroup in a report.

Apple is also concerned that the Chinese government will point to the way that Huawei has been accused of being a threat to US national security, and take some type of action against Apple.

On Friday, Trump said he was pushing ahead with a 25 percent tariff on $50 billion worth of Chinese products, prompting Beijing to respond in kind. "Because the United States does a very good job, I believe, in following the WTO regulations, the World Trade Organization". What's more, unlike Trump's other trade spats, there are (arguably) real national interests at stake in his showdown with China. Trump is doing what he said he would do: "'Trade wars are good, and easy to win'".

Rather than looking weak with a veto, Trump's threat of dramatically escalating tariffs is a show of strength that has scared investors and may also scare Republican senators into backing down.

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