The White House has imposed a 25 percent tariff on $50 billion worth of Chinese goods containing "industrially significant technologies" in an escalating, tit-for-tat conflict between the world's two largest economies. The plan is to target 5,207 categories of U.S. products with four levels of tariff rate percentages-25, 20, 10 and 5.
"The implementation date will be subject to the actions of the USA, and China reserves the right to continue introducing other countermeasures". "Plants are opening all over the U.S., Steelworkers are working again, and big dollars are flowing into our Treasury".
Beijing said that it would retaliate with import duties on thousands of American products, including aircraft and liquified natural gas, if President Trump moved forward with plans to target Chinese goods worth $200 billion with a 25 per cent levy. China imported US$130 billion in goods from the USA in 2017, according to U.S. figures.
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"But one thing is sure: if the US imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt", he said.
An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fueled growth.
Despite the escalating trade row, the economy's resilience has been remarkable, said Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics. But on Wednesday (1 August) the US Trade Representative said it was considering increasing this rate from 10% to 25%, with items likely to be hit including raw materials such as yarns and fabric, silk and cotton, lace and embroidery.
He predicted that the U.S. market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated.
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On Sunday, he tweeted that tariffs "were working big time". USA business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States. On Friday, officials stepped in to cushion the yuan, which has been battered by trade tensions and was approaching the key level of seven to the dollar. "Obviously, the USA tariffs won't help and they are going to cause some damage", he said.
China urges the United States to relax its controls over exports to China, and protect and promote the high-tech trade and cooperation between companies from both countries, the ministry said.
"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said.
"The Chinese are also coping by lowering the rate of the yuan, while the USA can look towards countries in Southeast Asia as replacements for its imports, so it's not a big issue".
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