Economy

Canada not helping itself by hitting USA with tariffs-White House

Canada not helping itself by hitting USA with tariffs-White House

Wang Shouwen, vice minister of commerce, said at a news conference in Beijing last week that China has not ramped up regulations to deter US imports.

China will impose the taxes on a total of $34 billion worth of US goods.

In this March 29, 2018, photo, Chinese Ministry of Commerce spokesman Gao Feng listens to a reporter's question during a press conference at the Ministry of Commerce in Beijing.

Washington's targets for higher border taxes focus on industrial components like PC parts, fuel pumps, construction equipment and autos, according to trade data firm Panjiva.

The following graphic ranks countries by their participation rate in global value chains, defined by the World Trade Organization as the sum of foreign value-added content of a country's exports and value added supplied to other countries' exports.

He warned that the U.S. tariffs will hurt foreign companies that export goods from China to the United States. "To put it simply, the U.S. is opening fire on the entire world, including itself".

"U.S. citizens visiting or residing in China have been arbitrarily interrogated or detained for reasons related to 'state security, ' " the State Department advisory said.

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The top commerce minister reiterated the stance that China "will not bow down in the face of threats and blackmail and will not falter from its determination to defend free trade and the multilateral system".

And a US manufacturer that exports vehicles to China recorded a 98 percent jump in random border inspections over the past month, throwing the firm behind schedule.

According to translated quotes published by Travel and Leisure magazine, the advisory warned that "shooting, robbery, and theft are frequent" in the United States.

Chinese stocks have taken a beating in recent weeks, entering a bear market, as concerns about the trade-war have mingled with worries about how an ongoing debt-control campaign will feed through into the outlook for economic growth. "So certainly the fact that we're now talking about automotive tariffs against the Europeans - where there is a problem, where the European tariffs against USA cars are four times what the American tariffs are against European cars - that's something that potentially really disrupts supply chain and will hurt American corporations and eventually the American economy".

Michael Hewson, the chief market analyst at CMC Markets UK, said: "In a holiday shortened USA session before the 4 July holiday, U.S. equity markets finished lower on the day as trade concerns kept investors cautious".

On Friday, U.S. tariffs on $34 billion worth of Chinese imports will take effect.

Chinese President Xi Jinping invoked this financial commitment at a meeting with USA and European executives in June, telling the room, "We punch back", according to one person familiar with the discussion. China vowed to match US moves, using both quantitative and qualitative measures.

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"There is a chance the company will lose money and might go bankrupt", said Tong.

"The global trade conflict is at risk of a serious escalation", said Adam Slater of Oxford Economics in a report.

"An open trade war with the USA, which now seems imminent, would put a damper on China's push to straighten up its economy and to increase its global economic and geopolitical influence", Prasad said.

"Frankly, I don't know what action China could take at the moment that would allow the USA to not impose tariffs", the U.S. source said, adding that there was no evidence the two governments had any substantive engagement at the moment that could lead to the shelving of duties.

This set off furious negotiations, which eventually resulted in a tentative trade agreement between the Trump administration and Chinese officials.

A senior Western diplomat told Reuters that there was no sign of any talks at the moment between the two countries, even via back channels.

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