Technology China says it won't give in to U.S. 'blackmail' on trade tariffs

19:02  11 july  2018
19:02  11 july  2018 Source:   msn.com

Trump has attacked Canada, Europe, and Mexico for their trade barriers — here's how tariffs in every country measure up

  Trump has attacked Canada, Europe, and Mexico for their trade barriers — here's how tariffs in every country measure up President Donald Trump defends his new tariffs by claiming other countries are "taking advantage" of the US. But other major economies do not maintain much higher tariff levels than the US. The US, Australia, Canada, and Japan all have average applied tariff levels under 5%, while the European Union and Mexico are not much higher.The US is more protectionist by other trade measures than its allies.President Donald Trump has said that the current trade battles with key US allies are necessary because other countries are "taking advantage" of the US.

China is showing the United States that it will make good on its trade threats. The Chinese government said that tariffs on about billion worth of US imports are going into effect Monday, hitting 128 products ranging from pork, meat and fruit to steel pipes.

If China wants to avoid U . S . tariffs , it needs to start taking concrete action, the official said , adding that Washington has not given Beijing any to-do list to remedy trade ties. ( U . S . imports from China : tmsnrt.rs/2FMsz1Q).

(Bloomberg) -- China fired back at President Donald Trump’s latest tariff escalation, saying it won’t yield to “blackmail.”

Vice Minister of Commerce Wang Shouwen said he’s baffled at how the U.S. administration appeared to put a trade war on hold after talks in May, only to slap tariffs on Chinese imports a few days later.

“If one party does not honor its words, talks cannot succeed,” Wang said in an interview in Geneva on Wednesday. For negotiations to succeed, “no party should point a gun at the other party,” he said.

a person in a suit and tie: Chinese Vice Minister of Commerce Wang Shouwen.© Bloomberg Chinese Vice Minister of Commerce Wang Shouwen.

Wang Shouwen on July 11.

The U.S. is escalating its trade war with China by starting a process to impose 10 percent tariffs on $200 billion worth of Chinese goods. The levies announced Tuesday, together with some $50 billion in the works, stand to raise import prices on almost half of everything the U.S. buys from China.

Trump says China could face more than $500 billion in U.S. tariffs

  Trump says China could face more than $500 billion in U.S. tariffs Trump says China could face more than $500 billion in U.S. tariffs.Load Error

The tariffs won ' t go into effect immediately. The administration will hold a public hearing for US businesses on May 15. "We have been saying that China wouldn't start a trade war," a Foreign Ministry spokesperson said in Beijing.

China similarly said that it won ’ t “sit idly” and will take “necessary measures.” According to Kateb, the growing conflict over US-EU trade tariffs could also affect the West' s policy toward Russia.

China “never yields to threat or blackmail,” Wang said in separate written comments to Bloomberg. “The U.S. side ignored the progress, adopted unilateral and protectionist measures, and started the trade war.”

Read more: Trump Tariff Barrage Pushes China Feud to Point of No Return

The tariffs, which could go into effect as soon as this fall, are in addition to the 25 percent duties Trump imposed on $34 billion worth of Chinese goods July 6.

Talks Stalled

The world’s two largest economies haven’t held publicly announced talks since a visit to Beijing by U.S. Commerce Secretary Wilbur Ross in June that achieved no breakthroughs.

While China “demonstrated utmost sincerity to stabilize trade relations with the U.S,” the Trump administration “did not honor its words, chopping and changing all the time,” Wang said.

China state media slams Trump's 'gang of hoodlums' as tariffs loom

  China state media slams Trump's 'gang of hoodlums' as tariffs loom China state media slams Trump's 'gang of hoodlums' as tariffs loomThe United States is set to impose tariffs on $34 billion of Chinese imports from 0401 GMT on Friday and has warned it may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount that the United States imported from China last year.

On Friday, China said it planned to impose tariffs on a wide range of American products. “We do seem to be entering a trade war,” said Eswar Prasad, a senior professor of trade policy at Cornell University.

China 's state media says U . S . tariff action will be defeated. China trade dispute could slam U . S . retailers. China said it was not afraid of a trade war, even though it did not seek one, and accused the United States of provoking the conflict.

“The U.S. behavior represents a typical ‘trade bully,’ posing a grave threat to the global value chain,” Wang said. “It will hamper global economic recovery, hurting many businesses and ordinary people around the world. It will harm the interest of companies, employees and consumers in both China and the U.S.”

Retaliation Threat

Wang said China won’t hesitate to retaliate against the Trump administration’s “completely groundless” tariffs announced on Tuesday. He defended Beijing’s response to the last round of American duties, saying its measures are in line with domestic law and international rules.

World Trade Organization officials are concerned that if the U.S. and China engage in a tit-for-tat trade war using unilateral domestic laws rather than the WTO’s dispute settlement processes they will undermine the Geneva-based organization’s ability to arbitrate global trade conflicts.

“It’s time for anyone who cares about the health of the economy to sit up and take notice,” WTO Director-General Roberto Azevedo said in a July 5 tweet.

(Updates with interview comments in third paragraph.)

To contact the reporter on this story: Bryce Baschuk in Geneva at bbaschuk2@bloomberg.net

To contact the editors responsible for this story: Alan Crawford at acrawford6@bloomberg.net, Tony Czuczka, Richard Bravo

©2018 Bloomberg L.P.

China just recorded the largest trade surplus with the US on record .
<p>In what will do little reduce trade tensions between the two sides, China's trade surplus with the US jumped to $US28.97 billion, larger than the $US24.58 billion recorded in May.</p>China's trade surplus increased sharply in June, including with the United States.

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