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China retaliate with tariffs on 128 American products, spares big-ticket items

China retaliate with tariffs on 128 American products, spares big-ticket items

"China also appears to be breaking WTO rules by imposing mandatory adverse contract terms that discriminate against and are less favourable for imported foreign technology", it said.

At least two trading houses have started buying more rapeseed meal, an alternative ingredient used to make animal feed, in case the oilseed is a target of retaliation by Beijing, sources at the company familiar with the strategies said.

As an extra layer of protection, his company has also started to include exit clauses in purchase contracts with USA suppliers giving them the right to cancel the order if needed.

It's unclear how the regulations will affect the U.S. However, representatives on Capitol Hill maintain a positive outlook, and are standing firmly behind the president and U.S. workers.

Earlier this month, President Donald Trump revealed his plan to place a 25 percent tariff on foreign-made steel and 10 percent on aluminum to protect American "national economic and security". He exempted some countries pending negotiations and gave the immediate green light for others, like China.

According to a statement from the government, the tariffs would apply to about $3 billion of goods annually.

"We hope the USA stops its (practices) before it is too late, makes prudent decisions, and doesn't drag bilateral trade relations into danger", said the spokesperson, adding that China is "fully prepared to firmly protect its legitimate interests".

The plan intends to "balance losses to Chinese interests caused by the US tariffs on steel and aluminum products", an unnamed ministry spokesperson said in a separate statement.

Usually, a country would file a complaint through the WTO to have another country rein in their industry.

China is preparing to enforce its own tariffs. He noted Beijing began a probe of US sorghum in February after Trump announced the steel and aluminum tariffs.

"The WTO exists for a reason".

WTO chief Roberto Azevedo on Friday encouraged countries to use the WTO to settle disputes.

"The measures will be implemented in two stages: in the first stage, the 15 per cent tariff will be imposed if the two countries can not reach an agreement on trade issues within a scheduled time". The country has hinted that soybeans - the largest USA agricultural export - are a likely next target.

On Friday, American farmers from hog producers in Iowa to apple growers in Washington state and winemakers in California expressed deep disappointment over being put in the middle of a potential trade war with China by the president many of them helped elect.

In a ramping up of his America First ethos, Trump Thursday said he had ordered tariffs on $50 billion of Chinese imports as recompense for alleged intellectual property abuses.

Don't be "penny wise and pound foolish" in pressing ahead with a trade war, China today warned America as it unveiled plans to impose higher tariffs on 128 United States products worth about Dollars 3 billion, while keeping "powder dry" by sparing big-ticket items for a future date.

"During my recent visit to the US, members of the Trump administration seem to fully share consensus on policies". Ever since his presidential campaign he has threatened to pull the US out of the body.

Nationalistic tabloid Global Times said in an editorial that the Trump administration's latest moves are "playing with fire and it will end in disaster for the US".



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