China announces $3bn target for retaliation in trade dispute with US

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China announces $3bn target for retaliation in trade dispute with US

The spiralling trade dispute between the world's two-largest economies has spurred concerns among companies and investors that global commerce could be depressed.

The Chinese, it said, "possess a level of endurance that the USA can not compete with".

The office of the U.S. Trade Representative Robert Lighthizer said on Friday that the USTR had filed a request for consultations with China at the WTO to address "discriminatory technology licensing agreements". However, Liu said the investigation report "violates worldwide trade rules and is beneficial to neither Chinese interests, USA interests nor global interests", Xinhua cited him as saying.

The administration said the president will direct the US trade office to publish a list of proposed tariffs for public comment within 15 days. The administration has accused China of flooding the world market with undervalued steel, which can make its way to the United States after landing in another country. That's a plan with a likelihood of high casualties for both sides.

The president said the tariffs could cover "about $60 billion" in trade with China, but senior White House officials said the U.S. Trade Representative had identified 1,300 product lines worth about $50 billion as potential targets.

Tariffs also aren't the best way to achieve the administration's goals, Ikenson says.

China's top exporter to the U.S.in 2016 was iPhone assembler Hongfujin Precision Electronics (Zhengzhou), a unit of Taiwan's Hon Hai Precision Industry, data from Chinese research firm Big Trade Data shows. The U.S. reported a $375 billion deficit with China past year, which Trump has blamed for the loss of American jobs and closing of plants. Possible items include aircraft and chips, Wei, a former vice commerce minister, told the newspaper on Saturday.

Speaking to global business leaders at a development forum, Vice Premier Han Zheng appealed for cooperation to make economic globalization "beneficial for all".

"If I were in the government, I would probably hit soybeans first, then hit autos and airplanes".

"We're very concerned about what might happen as far as a tariff", he said. By circumventing the WTO under the premise that its rules are inadequate to discipline China, and invoking a law that is incompatible with USA obligations under the WTO rules, President Trump has delivered a vote of no confidence in a system that has served US interests well for 70 years.

This afternoon, for the second time in the space of a month, President Trump is expected to invoke his authority under a rarely used statute to levy restrictions on a vast swath of imports and investment from China.

Several US chief executives attending a high-profile forum in Beijing on Saturday, including BlackRock Inc's Larry Fink and Apple Inc's Tim Cook, urged restraint. "I believe that a dialogue - and maybe some adjustments in trade and trade policy - can be in order".

"It can be done privately", he said. Apple's Tim Cook called for "calm heads" amid the dispute. Because China is at the end of the Asian supply chain, numerous goods it exports, particularly consumer goods, contain a substantial amount of intermediate products from elsewhere in the region that Chinese companies then assembled into a finished product.

US efforts to boost exports of technology-based goods, begun under Trump's predecessor, Barack Obama, conflict with China's plan for state-led development of global competitors in fields from robotics to electric cars.

Trade associations representing a wide range of the business community said they largely agree with criticism of China's intellectual property practices, but criticized the tariffs as a poor remedy that could ultimately harm US businesses and raise prices for consumers.

"We don't want a trade war, but we are not afraid of it", said the spokeswoman, Hua Chunying.

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