Trade Wars: Trump loads first volley against China

05 July, 2018, 10:10 | Author: Mary Valdez
  • The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

China already has announced it will respond in kind on the same schedule as the United States while President Donald Trump has countered with a threat to double down by progressively ratcheting U.S. penalties up to a total of US$450 billion (RM1.83 trillion) in goods - which would represent the lion's share of all of China's exports to the United States. "We do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said Gao Feng, spokesman for China's commerce ministry.

Under the banner of his "America First" policy, Trump has also targeted other traditional trade partners of the United States, such as the European Union, Japan, Mexico and even Canada.

China will impose the taxes on a total of $34 billion worth of US goods. The past two summits, in 2016 and 2017, ended without a statement due to disagreements over the South China Sea and trade.

China says it's "fully prepared" for a trade war with the United States if it kicks off in earnest on Friday.

"Dollar demand burden arising from trades with China would be lifted from our forex reserves", they said, adding that initial yuan trades could be small. "They firmly believe that free trade is a powerful engine for global economic growth".

Beijing officials on Wednesday delayed implementing retaliatory tariffs by 12 hours - not wanting to draw first blood in a potential trade war. Japan's government has warned in a report that a higher USA tariff on auto imports could backfire, jeopardizing hundreds of thousands of American jobs created by Japanese auto-related companies, raising prices for US consumers and devastating the US and global economy.

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CHINA'S embassy in Washington has issued a security advisory to Chinese nationals travelling to the United States, the latest such warning as trade tensions escalate between the two countries. "It was never comfortable with the West being one bloc", said a European official involved in EU-China diplomacy.

Both tariffs on foreign metals are reportedly based on concerns about US national security.

China has promised to open up. Washington is conducting a national security study that could lead to tariffs on imported cars and vehicle parts.

The bank also said the move was aimed at encouraging Chinese firms buying local raw materials and semi-finished goods to pay in naira. The US has claimed that China uses public funds to support its industrial development, which puts US companies at a disadvantage, paying no heed to the fact that China's use of policy and industrial funds to accelerate industrial expansion is a common practice across the world.

However, China's offer at the upcoming summit to open up reflects Beijing's concern that it is set to face tighter European Union controls, and regulators are also blocking Chinese takeover attempts in the United States. "It's unlikely to mark a systemic change".

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