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[rtl]Date of release: 2018/7/6 8:55 • 431 times read[/rtl]
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The new US tariffs on imports from China entered into force early Friday, triggering a trade war between Washington and Beijing, despite fears from companies and investors of the dire consequences and serious repercussions of such a conflict.
The United States imposes tariffs of 25 percent on the $ 34 billion worth of equipment, electronics and advanced equipment manufactured in China, including cars, AFP reported.
Beijing is expected to respond with similar measures. China plans to impose customs duties on hundreds of US goods targeting some of the country's most important exports, including soybeans and cotton, threatening US farmers in states that have supported Trump such as Texas and Iowa.
In the latest sign of the impact of tariffs on trade, a US-bound cargo ship diverted from China to Singapore on Wednesday.
The World Trade Organization warned earlier that trade barriers set up by major economies could jeopardize the global economic recovery and that the effects of these barriers are already emerging.
Tensions rose after a Chinese court temporarily banned Micron Technology from selling its semiconductor products to the world's largest chip market for alleged patent infringement of Taiwan's United Micro Electronics Corp.
A senior Western diplomat told Reuters that there were no signs of any talks between China and the United States, or even through secret channels.
China has been unable to dispel Trump's concerns over China's trade policies, at least in five key areas, including the forced transfer of technology, China's surplus industrial production capacity, government subsidies, reform of Chinese state-owned enterprises and Beijing's restrictions on cloud computing, the source said.
China said it would not "fire the first bullet", but Chinese customs made it clear on Thursday that China's tariffs on US goods would be applied as soon as US tariffs on Chinese goods began.
Chinese Commerce Ministry spokesman Gao Feng warned at a weekly news conference that US fees would hurt global supply chains that include foreign companies in the world's second-largest economy.
Gao said, "If the United States applied tariffs, they would actually impose tariffs on companies from all countries."
"US actions are essentially attacking supply chains and global value. Simply, the US is opening fire on the whole world, including itself," he said.
"China will not succumb to threats and blackmail and will not back down from its determination to defend global trade and the multilateral system," he said.
China said on Friday that the United States "launched the biggest trade war in economic history" by imposing tariff tariffs on the $ 34 billion worth of Chinese products.
"The United States violated WTO rules and launched the biggest trade war in economic history," the Commerce Ministry said in a statement.
"China has pledged not to be the initiator but to have a necessary response to defend the fundamental interests of the country and the people," a spokesman for the Chinese Ministry of Commerce quoted as saying.
http://alforatnews.com/modules/news/article.php?storyid=168734
[/rtl]
America begins biggest trade war with history and China responds
[/rtl][rtl]Date of release: 2018/7/6 8:55 • 431 times read[/rtl]
The new US tariffs on imports from China entered into force early Friday, triggering a trade war between Washington and Beijing, despite fears from companies and investors of the dire consequences and serious repercussions of such a conflict.
The United States imposes tariffs of 25 percent on the $ 34 billion worth of equipment, electronics and advanced equipment manufactured in China, including cars, AFP reported.
Beijing is expected to respond with similar measures. China plans to impose customs duties on hundreds of US goods targeting some of the country's most important exports, including soybeans and cotton, threatening US farmers in states that have supported Trump such as Texas and Iowa.
In the latest sign of the impact of tariffs on trade, a US-bound cargo ship diverted from China to Singapore on Wednesday.
The World Trade Organization warned earlier that trade barriers set up by major economies could jeopardize the global economic recovery and that the effects of these barriers are already emerging.
Tensions rose after a Chinese court temporarily banned Micron Technology from selling its semiconductor products to the world's largest chip market for alleged patent infringement of Taiwan's United Micro Electronics Corp.
A senior Western diplomat told Reuters that there were no signs of any talks between China and the United States, or even through secret channels.
China has been unable to dispel Trump's concerns over China's trade policies, at least in five key areas, including the forced transfer of technology, China's surplus industrial production capacity, government subsidies, reform of Chinese state-owned enterprises and Beijing's restrictions on cloud computing, the source said.
China said it would not "fire the first bullet", but Chinese customs made it clear on Thursday that China's tariffs on US goods would be applied as soon as US tariffs on Chinese goods began.
Chinese Commerce Ministry spokesman Gao Feng warned at a weekly news conference that US fees would hurt global supply chains that include foreign companies in the world's second-largest economy.
Gao said, "If the United States applied tariffs, they would actually impose tariffs on companies from all countries."
"US actions are essentially attacking supply chains and global value. Simply, the US is opening fire on the whole world, including itself," he said.
"China will not succumb to threats and blackmail and will not back down from its determination to defend global trade and the multilateral system," he said.
China said on Friday that the United States "launched the biggest trade war in economic history" by imposing tariff tariffs on the $ 34 billion worth of Chinese products.
"The United States violated WTO rules and launched the biggest trade war in economic history," the Commerce Ministry said in a statement.
"China has pledged not to be the initiator but to have a necessary response to defend the fundamental interests of the country and the people," a spokesman for the Chinese Ministry of Commerce quoted as saying.
http://alforatnews.com/modules/news/article.php?storyid=168734
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