Beijing/Shanghai: China urged the United States on Friday to "pull back from the brink" as President Donald Trump's plans for tariffs on up to $60 billion in Chinese goods brought the world's two largest economies closer to a trade war.
Yakima fruit growers are watching to see if Washington state apples and cherries are to become pawns in a trade war between the US and China.
Financial markets plunged on fears of a potential trade war between the world's two largest economies. Chinese students spend at least $12 billion a year on tuition and living expenses - money that supports hundreds of thousands of jobs in and around college campuses.
The ministry said the list was aimed at offsetting the losses incurred from U.S. tariffs on steel and imports, which are due to take effect on Friday.
The Ministry of Commerce in China has proposed a list of 128 USA products as potential targets in case it can not reach an agreement with Washington, according to a statement by the ministry. A second list of goods including wine, apples, ethanol and stainless steel pipe would be charged 15 percent, mirroring Trump's tariff hike on aluminum.
The U.S. -China Business Council, which represents American that do business in China, said it agreed Chinese "technology transfer" policies need to be improved but it appealed to both governments to reach a negotiated settlement. "One could argue (I certainly do) that overall, the multilateral system has been a good thing for the US, and trashing it will not lead to a better outcome".
In the longer-term, that could create uncertainties for countries and businesses, which need to plan years into the future to invest in infrastructure or new operations.
Trump's Thursday announcement of the new duties was accompanied by the 215-page USTR's Section 301 of the 1974 Trade Act investigation report into China's technology strategy, which, among other things, accuses Beijing of engaging in cyber espionage, intellectual property theft and pursuing aggressive investments and acquisitions in the US.
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China is fully aware that economic globalization is "irreversible", said Han, adding that unilateralism and trade protectionism served nobody's interests. But these are technically responses to United States global steel and aluminium tariffs, not the Trump administration's anti-China tariffs over intellectual property practices.
The measures took effect on Friday.
"But China is not afraid of and will not recoil from a trade war".
Japanese shares bore the brunt of the early losses in Asia, hurt by the strong yen, with the Nikkei 225 Stock Average falling more than 3.5 percent and the Topix index down about 3.1 percent. At that time, 10% named China, with the USA being the overwhelming choice as the country continued to enjoy the dot.com boom.
Beijing has released a list of import duties of up to 25 percent to be imposed on items including fresh fruits, wine and pork. Trump has constantly spoken of having reciprocal trade agreements that will benefit the American worker. "It's certainly not in New Zealand's interest", he said.
"We could end up replacing the U.S.as a supplier to China if China imposes restrictions on USA products".
Agricultural companies: Seed producers and pig breeders jumped on the mainland as Beijing announced reciprocal tariffs on USA imports.