China vows to 'fight back' after United States threaten $200bn tariffs on goods

Canola is an “imperfect substitute” for soybeans
Mike Drew  Postmedia

Canola is an “imperfect substitute” for soybeans Mike Drew Postmedia

Over 100 types of plastic products, materials and equipment from China are included in a massive new round of US tariffs released late July 10 and covering $200 billion worth of Chinese imports.

The US-China trade war has escalated to the World Trade Organization or WTO.

However, because China exports more to the United States than it imports there are limits on the amount of tariffs Beijing can impose on American goods. Chinese indexes also slid.

"The US side is firing at the whole world as well as itself", remarked Hua Chunying at the regular press briefing in response to the China-US trade war which has triggered concerns worldwide, echoing a similar statement made by Commerce Ministry spokesperson Gao Feng last week.

Benjamin Tal, Deputy Chief Economist for CIBC, said he can't see any scenario where Canada is winning.

But Trump, for his part, showed no sign of reconciling with China. If China clamped down on its exports of these materials, America would doubtless turn to other sources, or start reinvesting in its own production.

"Farmers have done poorly for 15 years". "We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy". It's a potential effect of a new round of tariffs the Trump administration is proposing to slap on Chinese imports as soon as September. They warned tariffs on imports raise consumer prices and expose USA farmers and manufacturers to retaliation. There is no victor in a trade war. He also called for Trump to sit down soon with Xi to address their differences - a move that was then echoed by House Speaker Paul Ryan.

The Retail Industry Leaders Association, a lobby group representing the largest USA retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".

"It'll force you to put your oil somewhere else, and it'll cost you more" to attract more buyers, said Ron Gasser, vice president at Texas-based Mammoth Exploration.

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"I think the most important question that any of us can ask is where does this end?" he told reporters.

SUN: But we also know that in practice, that is a very common practice.

This second round of tariffs won't hit right away; they require a two-month review process with hearings in late August.

The detailing overnight of US President Donald Trump's already-threatened 10 per cent tariffs on an additional $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row.

"They're getting increasingly anxious about where this is all going", Ed Brzytwa, director of global trade for the American Chemistry Council, which represents chemical companies, told the BBC on Tuesday before the latest measures were announced.

President Donald Trump has threatened to tax as much as $US550 billion in Chinese products - an amount that exceeds America's total imports from China previous year.

Beijing on Wednesday vowed to take "countermeasures" after the announcement.

Trade war with the world: U.S. tariffs on aluminum and steel from Canada, the European Union and other countries have also triggered retaliatory tariffs on United States goods.

In 2001, U.S. spirits exports to China amounted to just US$959,000.

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