China warns U.S. "opening fire" on world with tariff threats

The European Union Mexico and Canada have all the hit U.S. with billions in retaliatory tariffs

China has vowed to institute retaliatory tariffs on USA goods in response to Trump's trade policy, raising concerns of a looming global trade war.

"U.S. measures are essentially attacking global supply and value chains", Chinese Commerce Ministry spokesperson Gao Feng said in a statement.

Mr Gao said the USA tariffs were not so much targetting China as they were the entire global supply chain, as numerous products on the list published by the U.S. government are made by United States and worldwide companies within China. "To put it simply, the U.S.is opening fire on the entire world, including itself", Gao said. "China will not bow in the face of threats and blackmail", added Mr Gao.

A Chinese foreign ministry spokesman said China is prepared to take action against the USA if President Trump releases a proposed list of tariffs on Chinese goods this coming Friday.

German autos BMW, Daimler, Porsche and Volkswagen were among the biggest STOXX risers, up as much as 4.7 per cent following a report about a USA offer to suspend threats to impose tariffs on cars imported from the European Union. According to Bloomberg, President Trump will cut as much as half a percentage point from staggering growth levels of around 6.9 percent.

With further tit-for-tat levies already threatened between the USA and China, some investors are concerned this week may mark the start of a trade war that spreads globally.

Beijing will impose duties on almost 30 billion dollars of American products.

Foreign companies accounted for US$20 billion, or 59 per cent, of the US$34 billion of exports from China that will be subject to new tariffs from the USA starting from Friday, with U.S. firms accounting for a significant part of that 59 per cent, Mr Gao added.

A trade war between China and the United States could impact smaller, global countries more severely than either of the two countries at the heart of the trade dispute.

Ningbo Top East Technology Co., which makes soldering irons in Ningbo, south of Shanghai, used to export 30 per cent of its output to the United States, according to its general manager, Tong Feibing. China's currency suffered its worst quarter since 1994 in the three months through June, raising questions over whether the government was deliberately letting it slide as a tactic in the trade war.

Mercedes-maker Daimler, BMW, Porsche and Volkswagen raced up as much as 5 percent after reports of a US offer to suspend tariff threats on European Union -made cars if the bloc lifts its duties on USA ones.

Chinese stocks have taken a beating in recent weeks, entering a bear market, as concerns about the trade-war have mingled with worries about how an ongoing debt-control campaign will feed through into the outlook for economic growth.

This new era of protectionism could hardly have come at a more sensitive time for markets.

Trump has threatened other measures created to limit China's ability to access the US.

Economists are generally wary of tariffs, since they drive up costs for businesses and consumers.

Xi has vowed to guide China's rise as a modern superpower in what he calls the "great rejuvenation of the Chinese nation" based on the state-led industrial policy that is at the heart of the trade and technology disputes with Washington.

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