United States tariffs take effect, China warns of 'counterattack'

United States tariffs take effect, China warns of 'counterattack'

China's tariffs on American goods including farm products have now taken effect after the US implemented a raft of duties earlier in the day Friday and President Trump threatened more action.

"It is troubling that the (Trump administration) continues to assume that the imposition of tariffs will convince China to resolve complex trade issues and irresponsible to downplay the impact on American workers and businesses", he said.

Beijing insists it's the injured party.

The statement added: "China had promised not to fire the first shot, but the country is forced to strike back to safeguard core national interests and the interests of its people ..." President Donald Trump on Friday announced that the US could impose additional tariffs on more than $500 billion in Chinese imports, or roughly the total amount of Chinese imports annually into the USA, according to an article from Reuters.

Mayor Frank Klipsch of Davenport, Iowa, said he fears not only the impact on farmers but on farm equipment makers.

Meanwhile, China has lodged a case with the World Trade Organisation (WTO) against the United States, according to the country's commerce ministry. "Soybean demand is there, and it's really, really big as soybeans go into different channels".

President Donald Trump says he has tariffs on hundreds of billions of dollars in more Chinese goods ready in his pocket - if it comes to that - while China says the USA has launched the biggest trade war in history.

One thing contributing to the unease, said University of Massachusetts Dartmouth economist Michael Goodman, is the global nature of the supply chain.

Seven of the complaints against it all followed the order signed by US President Donald Trump in March, which imposed a 25% import tax on steel and 10% tariff on foreign-made aluminium.

More news: Sacha Baron Cohen is coming for Donald Trump and we can't wait

"Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion, we have 300 billion in abeyance. OK?" He said even if his USA business disappears entirely, he will be fine.

Trump's tariffs on the EU, Canada and Mexico are for as much as 25% on imports of steel and aluminium, which the USA has imposed on grounds of national security. Some economists question the accuracy of the official figures, yet the US Census Bureau shows America bought $376bn more of Chinese goods than the total value of all US goods sold in the Asian country a year ago.

Jorg Wuttke, former president the European Union Chamber of Commerce in China, predicted: "It's a dark day tomorrow for global trade". USA soybean farmers have been particularly concerned.

Chinese President Xi Jinping (left) and US President Donald Trump in Florida past year. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry.

Other analysts added the political relationship between Washington and Beijing is expected to worsen, possibly affecting security policy in Asia, as the United States and China have been at odds over Taiwan and the South China Sea.

"The $50-billion trade war will slow down China's GDP growth by 0.2 percentage points", Ma told Xinhua, China's official news agency.

Trump has initiated the silent war to rectify the snowballing USA trade deficit with China, which hit a record $375.2 billion previous year. "It's not clear to anybody, I don't think, what the end game is here, what President Trump hopes to accomplish". The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments.

Instability and uncertainty in global trade regime would not be good in any way for Bangladesh economy, he said.

"We urge the two governments to come back to the negotiation table", said Zarit.

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