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China warns of retaliation if U.S. takes more trade steps

China warns of retaliation if U.S. takes more trade steps

President Trump on Wednesday tried to increase pressure on China to change its trade practices by directing administration officials to consider more than doubling the size of proposed tariffs he has already threatened to slap on $200 billion in imports. "Unilateral threats and pressure will only be counterproductive".

Last month, the USA proposed 10 per cent tariffs on another $200 billion in Chinese products - from parachutes to sardines - in response to China's retaliation. He is also betting that the US could wield more leverage because Beijing cannot match the tariffs proposed on $200 billion in Chinese goods.

Two opposite trends prevail in the global markets.

Trump recently threatened to slap punitive tariffs on all Chinese exports to the U.S., which amounted to more than $500 billion a year ago.

Trump is not going to "calm down": The New York Times says (paywall) that his hard-line advisers in the White House, as well as his former chief strategist and ultranationalist Steve Bannon, have been advising him to inflict "painful measures" on China to "force it back to the negotiating table on trade". The combined total of over $500 billion of goods would cover virtually all Chinese imports into the United States.

The higher tariffs are not a done deal.

The list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports that wouldn't disrupt their own economy. "Given the scope of the products covered, about half of all imports from China are facing tariffs, including consumer goods", Ennis said.

Besides, the Economic Partnership Agreement signed by the European Union and Japan on July 17, too, suggests trade conflicts between the developing and developed economies will likely intensify in the future, which would severely affect China. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

"As to communications and talks between the two sides the Chinese side always believe that the trade disputes shall be resolved through talks and negotiations and our sincerity and efforts are there for all the worldwide community to see".

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

It was not immediately clear Tuesday why Trump is now looking at raising the proposed tariffs to 25 percent, but White House officials say trade talks with China have largely stalled.

The US argues that Chinese companies sell their products at lower prices in foreign markets than they do at home - a practice known as "dumping".

It will raise about $US770 billion between now and the end of the year - more than 60 per cent higher than for the same period last year - to fund America's burgeoning budget deficit.



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