MA businesses fearing impact of U.S.-China trade war

China EU USA trade war alliance Donald Trump President Xi

When it comes to China, Trump believes Beijing is using "unfair" trade practices to gain an advantage on the USA, including lax observation of intellectual property law.

The Trump administration's 25% tariffs affect more than 800 Chinese products worth $34 billion such as industrial machinery, medical devices and auto parts.

The ministry called the United States actions "a violation of world trade rules" and said that it had "initiated the largest-scale trade war in economic history".

Beijing had said it would retaliate with punitive measures on United States products worth a similar amount, including soybeans, pork and cotton, but it had not officially confirmed that they had taken effect.

It added that instead of "serving the interests of U.S. companies and people, the move will prove to be counter-productive and damaging".

"Such tariffs are typical trade bullying, and this action threatens global supply chains and value chains, stalls the global economic recovery, triggers global market turmoil, and will hurt more innocent multinational companies, enterprises, and consumers", the statement said.

"We will report to the World Trade Organisation on a timely basis". He thus directed U.S. Trade Representative Lighthizer "to identify $200 billion worth of Chinese goods for additional tariffs at a rate of ten percent". "We will work with other countries around the world to jointly safeguard free trade and the multilateral system".

Canadian tariffs in retaliation for U.S. tariffs on steel and aluminum went into effect on Sunday, hitting a wide range of USA consumer and steel products. If the U.S.is determined to escalate conflicts with China, then so be it. It's also bigger than the $506 billion of goods that the United States imported from China a year ago.

Gao said China would not bow to threats or blackmail and would have to fight back if the United States went ahead and imposed the tariffs.

Beijing has accused the USA of "firing on the whole world" with the measures, pointing out that most of the Chinese exports under attack are largely made by companies with foreign investment - including from America.

One seller pointed out that exporters of US-made goods might be impacted through retaliatory tariffs.

"There are no winners in a trade war", the chamber's chairman, William Zarit, said in a statement.

The paper holds that the tariffs will affect several USA sectors, including technology (which Trump says he's trying to protect) while hitting multinational supply chains and firms, as well as harming foreign investment in Chinese firms by allies such as Japan, South Korea, and European Union countries.

"If U.S. -China trade tensions intensify, it would have an adverse effect on not only China but surrounding countries" that have close economic relations with Asia's biggest economy, said Toru Nishihama, chief economist at the Dai-ichi Life Research Institute.

Oreshkin said that Russian steel and aluminum makers suffered $537.6 million in damages from the new US tariffs.

A commodities trader in eastern Shandong province was told by customs at a major northern port that they have slowed the clearance of goods from the United States on Beijing's list.

The new tariffs had little impact on Asian stock markets. A spokesperson for the Juice Products Association said they will have a "detrimental" impact on "the US juice industry and hurt consumers who enjoy quality American juice products".

"Its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it", the newspaper added.

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