United States tariffs on Chinese goods to come into effect

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Steep American tariffs on Chinese goods worth tens of billions of dollars are due to take effect at midnight Thursday, as US President Donald Trump fires the first salvo in a trade war between the world´s top two economies.

ASIAN ANGST The ongoing angst over U.S. President Donald Trump's trade tariffs had extended the recent slide in Asian markets overnight, in particular Chinese shares which are now deep into "bear" market territory.

The trade dispute has roiled the stock market, where the benchmark Shanghai Composite index has tumbled 12 per cent in the past two weeks. Later in the day, traders will get the minutes from last month's Federal Reserve meeting when it raised US rates for a second time this year.

Mr Schumer told reporters that the failure to change Beijing's behaviour now could hurt the U.S. economy "for generations to come".

A strong rise across autos boosted European shares on Thursday, as hopes over a softening in USA trade rhetoric lifted the sector, though trading remained cautious ahead of a U.S. deadline to impose tariffs on Chinese goods.

For medical student Yang Di, higher tariffs could mean much higher costs for biomedical supplies from the U.S.

"They have a sizeable feed industry that's dependent on soybeans, the largest swine herd in the world, the largest global aquaculture industry, and are rapidly modernizing their poultry, egg, dairy, and beef industries", said American Soybean Association President John Heisdorffer.

If implemented, this would raise the total amount of tariffs proposed by the Trump administration from around $500 billion to almost $800 billion.

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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.

"If these tariffs are added, then we will definitely have to adjust (our prices) a little", said Zhao Yanmei, an assistant manager at a branch of Jenny Lou's global supermarket chain in northeast Beijing.

China's next round of tariffs focuses on American-made consumer products. Beijing said it would not hesitate to match those tariffs either. He warned that the USA tariffs will hurt foreign companies that export goods from China to the United States.

"It has frequently waged wars against other sovereign countries and made use of the dominant influence of the USA dollar in the global markets to fleece other countries. Simply put, the USA is opening fire on the whole world, and also firing at itself".

"The Chinese government's position has been stated many times".

Association of Equipment Manufacturers President Dennis Slater warned that the back and forth between China and the United States would damage American manufacturing and lead to job losses.

Beijing has made the semiconductor sector a key priority under its "Made in China 2025" strategy, which has shifted up a gear after a USA ban on sales to Chinese phone maker ZTE Corp underscored China's lack of domestic chips. At least one pork producer has said it could be put out of business.

Adding to the tensions, a Chinese court this week temporarily barred Micron Technology Inc from selling its main semiconductor products in the world's biggest memory chip market, citing violation of patents held by Taiwan's United Microelectronics Corp (UMC).

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As the deadline approached with little sign of a last-minute deal, USA stocks pared gains.

Trump has taken an aggressive stance on trade, fulfilling a campaign promise.

The first wave on US tariffs on $34bn of Chinese exports will take effect on July 6, according to a statement from the US Trade Representative, which didn't specify a time.

Thus far, the US president has showed no interest in a last-minute truce.

The escalating exchange of tariffs could mark the start of a larger, destabilising trade war if Washington and Beijing cannot resolve their differences, including concerns in the United States about unfair Chinese trade practices.

Both Chinese and United States business sources in China said there appeared to be little hope that the tariffs could be averted.

"The US´s measures are essentially attacking the global supply and value chain".

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