China blasts Trump's new tariff threat as 'blackmail'
20 Junio, 2018, 02:55 | Author: Arnold Perez
China's commerce ministry saidBeijing will fight back with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods.
Additionally, the president has promised further escalation in his attack on China's alleged theft of intellectual property and unfair trade practices should it respond with more tariffs on usa goods, promising to pursue tariffs on yet another $200bn of Chinese products.
President Donald Trump is threatening to slap tariffs on another $200 billion in Chinese imports as trade tensions between the world's two largest economies reach new heights.
The ministry also expressed its disappointment that the new tariffs do not reflect the "consensus" the two countries had come to during recent trade negotiations, after which China declared the trade war was over.
Scotiabank said a recession across North America, more tariffs from both the USA and Canada, and the collapse of NAFTA are all in the cards. The Dow Jones industrial average fell 1.7%, down more than 400 points, and S&P 500 lost 1.1% after heavy overnight selling dropped China's Shanghai Composite (-3.78%) to its lowest level in two years.
"The trade relationship between the United States and China must be much more equitable", Trump said.
The move follows China's announcement that it would retaliate in kind to Trump's initial decision to hit $50 billion worth of Chinese goods with a 25 percent tariff.
Trump said that the new tariff would go into effect if the Chinese government did not lower recently announced tariffs on USA goods and failed to address the theft of U.S. intellectual property by Chinese companies.
"The latest headlines from Trump are pushing investors to risk-off-mode", said Shintaro Ikeshima, chief manager of forex and financial products trading division at Mitsubishi UFJ Trust and Banking Corp.
The planned new wave of tariffs would have to go through a similar process of public consultation and comment as the earlier ones before taking effect.
Beijing responded by saying it would hit 659 U.S. goods worth $50bn with a similar tax.
The new United States tariffs take what had been a trade spat that appeared to be calming to the next level.
Global markets sank Tuesday on fears that the United States and China may be veering toward an all-out trade war.
"Aircraft, chips and energy imported from the USA could be subject to [punitive tariffs]" he said.
President Donald Trump's looming trade war with China ratcheted up so quickly you might have missed it. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. What's more, unlike Trump's other trade spats, there are (arguably) real national interests at stake in his showdown with China. "Because the United States does a very good job, I believe, in following the WTO regulations, the World Trade Organization".
Trump says he's looking out for American farmers and manufacturers, and again takes issue with Canada's supply management system for dairy farmers.
WATCH: Freeland "strong, measured" retaliatory tariffs to be imposed on U.S. The official Xinhua news agency said China would impose 25 percent tariffs on 659 U.S. products, ranging from soybeans and autos to seafood.
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