USA tariffs take effect, China warns of 'counterattack'

Share
USA tariffs take effect, China warns of 'counterattack'

Twenty-five percent US tariffs took effect at midnight and affect more than 800 Chinese products - including industrial machinery, office equipment, electronics, medical devices and vehicles. They kicked in just after midnight ET, which is noon in Beijing.

Retaliatory measures "took effect immediately", Chinese Ministry of Foreign Affairs spokesman Lu Kang (陸慷) said.

"Meanwhile, American consumers will pay more for cars and health care due to USA tariffs on Chinese-made auto parts and medical instruments", they continued.

Beijing insists it's the injured party.

The statement added: "China had promised not to fire the first shot, but the country is forced to strike back to safeguard core national interests and the interests of its people ..."

Other analysts added the political relationship between Washington and Beijing is expected to worsen, possibly affecting security policy in Asia, as the United States and China have been at odds over Taiwan and the South China Sea.

That would bring the total of targeted Chinese goods to $550 billion - more than the $506 billion in goods that China shipped to the United States past year.

Until then, Heck said the only option for farmers is to wait and see whether the world's two biggest economies settle the tariff discussions. The U.S.is effectively requiring Chinese leaders to abandon or scale back a high-tech push that they consider vital to their country's future.

"John Heisdorffer, an Iowa soybean farmer and president of the ASA, warned of the impact of the tariffs on farmers".

The big question is how far the hostilities between Washington and Beijing will go. US tariffs on another $16 billion of Chinese goods are due to go into effect in two weeks, Trump said on Thursday.

The analysts say that Beijing could suddenly make it very hard for US companies to operate in China, whether it be getting contracts, licenses or regulatory approvals. On Thursday, he suggested the possibility of tariffs on nearly $500 billion more of Chinese goods. He said the final list of covered imports will be announced by June 15, 2018. That hands Chinese President Xi Jinping room to impose penalties such as customs delays, tax audits and increased regulatory scrutiny if Trump delivers on his threat of bigger duties on Chinese trade.

That would bring the total of targeted Chinese goods to potentially $550 billion which is more than the $506 billion in goods that China shipped to the U.S. past year.

Because products that are made in China - from Apple products to Nike ones - are going to get expensive, and be more expensive on the shelves of Walmart for everyday American consumers.

Acadiana soybean farmers are bracing for the worst case scenario after China imposes tariffs on American products.

"You saw with China, $50 billion and another $200 billion frankly is waiting", he said at the rally in Great Falls, Montana, referring to envisaged additional 10 percent tariffs on $200 billion in Chinese imports.

Several southern states, many of which also backed Trump in the election, also risk being hit. Heidi Heitkamp, D-N.D., highlighted further uncertainty caused by the renegotiation of the North American Free Trade Agreement and tariffs on steel and aluminum imports. He has threatened to impose another set of tariffs, worth $16 billion, later this month.

"I don't see this ending well", she said.

Both the United States and China imposed punitive tariffs on each other's exports today in what Beijing calls "the biggest trade war in economic history".

"If this continues, the Chinese will just look elsewhere and build either indirectly or directly, additional investments to meet their domestic demand and we could conceivably", he said, "lose that market forever".

"This plays out over the next few months, until both sides start to feel a little pain and realise this isn't a bloodless march to victory", said Harris.

Share

Advertisement

Related Posts

Maisie Williams Bids a Bloody Farewell to Game of Thrones
The post has gotten about 1.3 million likes since Saturday. Luckily, we have Maisie Williams' Instagram account. She captioned the shot: "Goodbye Belfast".

Robin Wright speaks about ex-'House of Cards' star Spacey
The official " House of Cards " Twitter account shared a video with Wright as Underwood. "Happy Independence Day.to me", Claire says, as the hashtag #MyTurn ends the spot.

Train accident death toll rises in NW Turkey
Turkey's audiovisual authority RTUK later said the government has issued a temporary ban on broadcasting images from the scene. Television pictures showed several train carriages laying on their sides, and shocked injured being taken away on stretchers.

Dana White discusses Daniel Cormier’s place in the GOAT debate
For all the talk about champion-vs-champion bouts over the years in the UFC, their actual history is just two chapters long. Cormier, who is also the light heavyweight champion, became only the second two-division champion in UFC history.

‘Take a selfie with God and I’ll resign,’ says Duterte
Philippine President Rodrigo Duterte on Friday promised to resign if someone can prove to him that God exists. The President, however, questioned the logic of the creation story involving Adam and Eve.

Spain Confirm Coach's Exit After World Cup Exit
After a 1-1 draw with Russian Federation in the round of 16 they were eliminated 4-3 on penalties. Former Barcelona boss Luis Enrique is set to be named as Spain's new manager.

Germany's Angela Merkel talks up North Atlantic Treaty Organisation role and military spending
She added, "There are so many areas where they are working against the interests of freedom and democracies and peace in the world".

Kylie Jenner reveals she Got Rid of all her Lip Fillers
She later revealed the reason behind her decision during a 2017 episode of her spin-off show Life of Kylie . The makeup mogul continued: "It just really affected me".

Samsung opens world's largest phone factory in India
Last year, in June 2017, the South Korean giant had announced Rs 4,915 crore investment to expand the new Noida plant. The company started producing refrigerators at the plant in 2003 while mobile phone production started in 2007.

Starbucks announces plan to eliminate plastic straws by 2020
Straws add up to about 2,000 tons of the almost 9 million tons of plastic waste that ends up in waters around the globe each year. And it's a part of Starbucks' $10 million investment in creating recyclable and compostable cups around the world.

© 2015 ExpressNewsline. All Rights reserved.