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China stands its ground after Trump amps up tariff threats

China stands its ground after Trump amps up tariff threats

A foreign ministry spokesman, Geng Shuang, said Beijing was ready for "dialogue and consultation" to defuse the escalating dispute.

"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of USA consumers...and hear the collective call of the global community", Foreign Minister Wang Yi said, Reuters reports.

The two sides have imposed 25 percent tariffs on billions of dollars of each other's goods in a dispute over China's technology policy. China also depends on trade more than the U.S.

Trump set his sights on China during the 2016 presidential campaign and has followed through during his presidency with a protectionist strategy that he says is aimed at strengthening us companies and boosting jobs at home. "Second, we suggest the USA return to rationality and not act impulsively, as it will eventually hurt itself". This won't work on China.

US President Donald Trump is now considering a 25 percent tariff on up to $200 billion (€171 billion) worth of Chinese imports, according to media reports in the US.

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The move is being fuelled by deep frustration within the Trump administration over its unsuccessful attempts to press China to change its trade practices, including improperly obtaining American intellectual property. "And we are already talking to the European Union about building anywhere from 9 to 11 ports, which they will pay for, so that we can ship our LNG over to various parts of Europe", he said.

Mickey Kantor, who was US trade representative under President Bill Clinton, warned that a trade war with China will take a toll on a USA healthy economy that from April through June registered the fastest growth since 2014.

The list, unveiled on 10 July, hits American consumers harder than previous rounds, with targeted goods ranging from Chinese tilapia fish and dog food to furniture, lighting products, printed circuit boards and building materials.

Trump has ultimately threatened tariffs on more than $500 billion in Chinese goods, covering virtually all US imports from China.

Data released earlier this week suggested that the Chinese economy is already starting to feel pain from U.S. tariffs introduced over the last few weeks.

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President Trump has directed senior officials within his administration to consider increasing the tariffs sharply in order to pressure Beijing to bend to the United States.

The U.S.is indeed impatient for an immediate solution, according to Jacob Parker, the vice president for China operations for the U.S.

The Commerce Ministry said the objective of the USA tariffs is to restrict China's "peaceful development"-not, as the US says, to retaliate for China's unfair trade practices with the goal of narrowing the wide trade gap between the two countries". The trade gap narrowed in April and May as farmers front-loaded soybean exports to China before Beijing's retaliatory tariffs came into effect in early July.

But while the tariffs are aimed at hurting China, industry groups say they are having an impact on U.S. consumers and businesses, particularly manufacturers and farmers.

The United States has adopted an "escalate to negotiate" strategy towards China, threatening a dramatic hike in tariffs to try to force a resumption of trade talks while the USA economy remains strong and as elections approach in November'.

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The news about tariffs for China appeared shortly before the start of the negotiations round between the major world economies. The US will issue more than $US1 trillion of bonds this year, an amount also affected by the Fed's steady shrinkage of its balance sheet.


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