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China vows to fight Trump's tariffs 'at any cost'

China vows to fight Trump's tariffs 'at any cost'

The latest sell-off comes mere hours after President Donald Trump said he was considering another wave of tariffs on China imports, to the tune of $100 billion. The tariffs would first be subject to a 60-day public comment and hearing period.

Forty-five USA trade associations representing some of the largest companies in the country urge Trump not to impose tariffs on China, warning it would be "particularly harmful" to the United States economy and consumers. "In this sense, you'll have to face massive losses in a trade war against China", Yen Chenshen, a researcher at the Institute of International Relations, National Chengchi University in Taiwan, told Sputnik.

White House economic adviser Larry Kudlow told reporters the US was "not in a trade war", adding, "China is the problem".

China will hit back with comprehensive countermeasures if U.S. continues its unilateral, protectionist practices, a spokesperson with the ministry of commerce said.

But for someone who has long fashioned himself as a master negotiator, Trump left it unclear whether he was bluffing or willing to enter a protracted trade war pitting the world's two biggest economies against each other, with steep consequences for consumers, businesses and an already shaken stock market. That came with the US considering duties on an additional $100 billion in goods imported from China.

China announces it will impose additional tariffs of 25% on 106 United States goods including soybeans, autos, chemicals, some types of aircraft and corn products and other agricultural goods.

Trump said, 'In many respects, I think we're going to have a fantastic long-term relationship with China.

They were announced after the Trump administration unveiled a list of 1,300 Chinese products to be targeted by tariffs including from the aerospace, information and communication technology, robotics, and machinery industries. But the bellicose rhetoric from the White House represents an escalation in the tense trade standoff.

He has also instructed his secretary of agriculture "to implement a plan to protect our farmers and agricultural interests".

"This is starting to feel like the beginnings of a trade war, if simply each proposal is matched with a retaliation", said Patrick Bennett, a Hong Kong-based strategist at Canadian Imperial Bank of Commerce.

While the broader US equity market recovered somewhat as the day wore on industrial stocks were still down significantly by late afternoon.

Reactions to the new proposed tariffs came quickly, with trade organizations the Footwear Distributors & Retailers of America and the American Apparel & Footwear Association criticizing the Trump administration's strategy.

"President Trump is a very different kind of president".

"I will cancel my trips to South Korea and stop cooperating with Korean companies ... every penny we spend is a vote on our future world!", the state-owned Global Times quoted her as saying.

The dollar was flat against a basket of major currencies with traders reluctant to take big positions ahead of the payrolls numbers.

"We need the United States and China to come to the table and identify solutions to these serious problems", he added. In light of China's unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs. As trade war costs hit home increasingly as Trump escalates, there's a good chance he will make a concerted effort at negotiation.

For Xi, the need to look strong in the face of U.S. threats outweighs any immediate hit to economic growth, according to David Zweig, a political science professor at the Hong Kong University of Science and Technology. The Energy Information Administration (EIA) reported a 4.6-million-barrel draw in U.S. crude inventories last week, compared with analysts' expectations for an increase of 246,000 barrels.



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