Trump Weighs Additional $100 Billion Tariffs on Chinese Imports

Policy American Retail Industry Fearful As Trade War Escalates Yiling Pan @SiennaPan

Policy American Retail Industry Fearful As Trade War Escalates Yiling Pan @SiennaPan

BEIJING, April 6 (Xinhua) - China is fully prepared and will not hesitate to strike back fiercely if the United States unveils the list of 100-billion-U.S. dollar Chinese products subject to additional tariff hikes, the Ministry of Commerce (MOC) said.

China increases tariffs by up to 25% on 128 USA products, from frozen pork and wine to certain fruits and nuts, escalating the dispute in response to United States duties on imports of aluminum and steel.

"If the US side announces the list of products for $100 billion in tariffs, the Chinese side has fully prepared and will without hesitation counterattack with great strength", spokesman Gao Feng said.

Washington:Washington and Beijing are slapping each other with tit-for-tat tariff threats, with US President Donald Trump proposing another escalation of the dispute late on Thursday.

The takeaway for investors is that Trump's China trade war will likely be mostly talk for months to come.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said in his latest statement.

Trump also instructed his Secretary of Agriculture to "implement a plan to protect our farmers".

"China's illicit trade practices - ignored for years by Washington - have destroyed thousands of American factories and millions of American jobs", Trump said in a statement announcing the decision.

The United States has dominated the global economy for much of the last century, but this fight comes as China, with its population of 1.4 billion, is starting to challenge U.S. hegemony.

If the US follows through, that would mean $153 billion in Chinese imports would be subject to tariffs. The list also included petrochemicals and liquefied propane, indicating that the world's biggest oil buyer is willing to use energy as a weapon to retaliate against planned American duties on its high-tech goods.

The Trump administration cited the August 2017 investigation into Chinese intellectual property theft and this time tariffs were aimed at aerospace, industrial and commercial machinery, and medical equipment.

"This is starting to feel like the beginnings of a trade war, if simply each proposal is matched with a retaliation", said Patrick Bennett, a Hong Kong-based strategist at CanadianImperial Bank of Commerce.

The pan-European FTSEurofirst 300 index closed down a preliminary 0.55 percent and MSCI's gauge of emerging market stocks lost 0.40 percent.

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The tariffs have stirred fears that the two countries will spiral into a trade war that will crush global growth.

China has prepared for more U.S. trade measures and has drafted detailed retaliatory measures, Chinese Ministry of Commerce spokesman Gao Feng said.

A tariff on whiskey could seriously hurt American producers.

Additional reporting from Newsy affiliate CNN. "So nothing's happened. Nothing's been executed", Kudlow said.

Trump said falling aluminium prices was proof his get-tough trade policies are working in a Twitter message this morning.

He also called Trump "the first guy with a backbone in decades.to actually go after it".

By provoking a trade conflict with China, the U.S. side, in fact, mounted a challenge to the world multilateralism and free trade regime with its unilateralism and protectionism, Lu said. U.S. President Donald Trump's tariffs on Chinese goods triggered another bout of market volatility.

Beijing's apparent refusal to negotiate marks a new phase in weeks of rising tensions during which China largely reacted with measured calm to Trump administration moves and kept open the door for dialogue.

Vincent Chan, head of China equity research at Credit Suisse, said tariffs - and other restrictions - would dampen the Chinese tech sector's investment in industry and technology, holding back innovation.

Similar to his strategy during escalating tension on the Korean peninsula previous year, when he threatened to respond to any North Korean missile attack with "fire and fury", Trump returned to his assertive tactic as he tried to force Beijing to make concessions amid escalating trade tensions between the two nations. "In the long-run, losses in manufacturing will lead to decrease in tax revenue and eventually affect China's economic growth".

"This is the dumbest possible way to do this".

"Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts", said Republican Senator Ben Sasse.

"Let's absolutely take on Chinese bad behavior, but with a plan that punishes them instead of us", Sasse said.

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