China will counterpunch U.S. with $34 billion in tariffs

China will counterpunch U.S. with $34 billion in tariffs

China will counterpunch U.S. with $34 billion in tariffs

It shows the depth of Chinese concern about a trade war with Washington, as Trump is set to impose tariffs on billions of dollars worth of Chinese imports on July 6.

Trade friction also threatens to ensnare major Chinese companies, with China Mobile the latest to encounter obstacles in the USA market.

The Foreign Ministry said Tuesday that China will be "fully prepared to take a package of necessary measures" to safeguard its national interests.

"This kind of reminder from the Chinese embassy in the relevant country, I think this is absolutely a matter that is in the scope of our duty", ministry spokesman Lu Kang told a regular news briefing.

"The US' measures are essentially attacking the global supply and value chain".

"China will not bow in the face of threats and blackmail", he added. "To put it simply, the opening fire on the entire world, including itself", he said.

"We will continue to assess the potential impact of the USA -initiated trade war on companies and will help companies mitigate possible shocks".

As a possible follow-up, the USA has a public hearing scheduled for July 24 to weigh tariffs on $16 billion worth of Chinese goods including machinery and plastics.

United States tariffs meant to punish China for allegedly unfair trading practices are due to take effect on Friday.

Just days ago the president enacted tariffs on steel and aluminum imports, which he said could lead to duties on foreign-made auto parts.

Samsung Galaxy J2 Core pictured running non-stock Android Go
That means it's possible the Galaxy Tab S4 could introduce an under-screen fingerprint scanner , like that on the Vivo X21 . Running on Octa-core processors, these smartphones come in 2-4GB RAM with 32GB storage internal memory.

Trump has accused China of unfairly acquiring USA technology through coercion and theft and limiting market access for US finance and technology firms - claims that China denies.

Chinese stocks were mixed while the yuan slipped slightly against the dollar in early Thursday trading as a targeted cut of reserve requirements for banks took effect amid heightened the trade tensions.

"We agree with nearly all the complaints the U.S. has against China, it's just we don't agree with how the United States is handling it", another diplomat said. "But the country will encounter more barriers in future development, to which we should learn to adapt", it said.

Starting Friday, the USA will tax 818 Chinese products, worth $34 billion a year, from the original list.

The Trump administration has accused China of using predatory tactics in a lawless drive to overtake America's technological supremacy.

"U.S. citizens visiting or residing in China have been arbitrarily interrogated or detained for reasons related to 'state security, ' " the State Department advisory said.

Both Chinese and USA business sources in China said there appeared to be little hope that the tariffs could be averted.

A senior Western diplomat told Reuters that there was no sign of any talks at the moment between the two countries, even via back channels.

Therefore, to many, the trade war the United States sees intent on initiating is the country's strategy to keep China on the back foot so that it will not develop as fast as it otherwise would, and thus unable to challenge the dominant role of the USA in the global economic order.

Related news

[an error occurred while processing the directive]