China ready to pay 'any cost' in trade war, ministry says

08 April, 2018, 01:16 | Author: Roderick Gutierrez
  • TRADE WARS US v CHINA Trump and Xi in tariff row

On Friday, the Dow Industrials, the S&P 500, and the Nasdaq all fell by more than two percent, capping off another down week. Bejing has condemned Donald Trump's latest tariffs threats but warned that the U.S. had more to lose than China, especially politically.

Congressman Don Bacon accused China of stealing the intellectual property and trade secrets of USA companies, while dumping cheap products into the American market for too long.

The latest declines came on the heels of President Trump saying he's considering tariffs on an additional $100 billion worth of Chinese goods as a response to that country's "unfair retaliation" to his initial tax proposal. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair.

The products on the latest USA list include heavy machinery, motorcycles and high-tech items, such as semiconductors and batteries. "We represent 6 percent of the imports but account for 51 percent of the tariffs". Following the U.S. administration's imposition of tariffs on aluminium and steel last month, the president ramped up the pressure by adding 25 percent tariffs to a list of 1'333 Chinese imports earlier this week.

China's commerce ministry said in a statement Friday that if Washington persisted in what Beijing described as protectionism, China would "dedicate itself to the end and at any cost and will definitely fight back firmly". China then said it would impose tariff hikes on $50 billion worth of US goods, including soybeans and small aircraft.

For Trump, however, they were an excuse to escalate the dispute.

The imposition of tariffs, Chinese investment and student restrictions will all hurt the USA more than they will hurt China.

China will continue reforms and promote trade and investment liberalization, he said.

US stocks also were affected this past Monday by Trump's new verbal attack on giant online retailer Amazon.



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