Stocks plummet on fears of US-China trade war

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The United States Trade Representative, which led the seven-month investigation into China's intellectual property theft and made recommendations to the Trump administration, found that "Chinese theft of American IP now costs between $225 billion and $600 billion annually".

President Donald Trump addressed Chinese trade infractions on Thursday with a plan that both enflamed fears about an impending trade war and received praise for finally holding the nation accountable for its actions. "More than 41 percent of clothing, 72 percent of footwear and 84 percent of travel goods sold in the USA are made in China".

In a follow-up statement, a ministry official said China would "take all necessary measures" to defend its rights and interests.

The Internet Association, a Silicon Valley lobbying group comprising such giants as Google, Amazon and Facebook, also warned that a trade war between United States and China will result in higher prices for consumers, and industry job losses. And, look, it's time.

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In 2015, Xi told top officials if China does "not raise its own voice" the country will be perceived as weak and subject to humiliation, South Korean news agency Yonhap reported.

China's goods exports to the United States rose by $43 billion in 2017 alone. Underlining that threat, Taiwan sent ships and an aircraft earlier Wednesday to shadow a Chinese aircraft carrier group through the narrow Taiwan Strait, its defense ministry said.

The Chinese Commerce Ministry announced plans on Friday to levy 15 per cent tariffs on 120 types of U.S. products, including fruit, wine and steel pipes, worth US$977 million.

In a presidential memorandum signed by Trump on Thursday, there will be a 30-day consultation period that only starts once a list of Chinese goods is published. The administration argues that the increased tariffs are meant to punish Beijing for what it said are unfair trade practices, including theft of US intellectual property. A second round of tariffs of 25% on pork and recycled aluminum would be imposed after further evaluating the USA penalties on Chinese exports, the ministry said.

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Earlier Thursday, lawmakers and industry groups had expressed fears that China would retaliate even though they shared President Donald Trump's assessment that Beijing's policies - such as forcing US companies to share their technology with Chinese companies - needed to be curbed. The official sought to directly correlate the "two million more jobs created in China" to "two million jobs lost in the U.S".

The tariffs that Trump is expected to announce will aim at curbing theft of USA technology by China. They will directly harm the interests of US consumers, companies, and financial markets. -China Business Council said the group wanted to know what action the US administration wants China to take to improve protection for intellectual property, and over forced technology transfer. And in Mr. Trump's plan to impose tariffs on Chinese goods and limit China's investments in U.S. technologies, he narrowly tries to protect America's competitive edge in science and technology.

Critics slammed the plans as intrusive and trade-inhibiting, and industry organizations, including the US Chamber of Commerce, say they are concerned over unfair advantages for Chinese companies and trade barriers. EU Trade Commissioner Cecilia Malmstrom said that the economic bloc - which is the largest trading partner of the United States - is "always willing to engage with our American partners, but we do not negotiate anything under pressure or threat".

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