China rejects ‘blackmail’ on eve of United States tariff hike

Chinese officials court EU nations to get allies in trade row with Trump – report

It also is rooted in the clash between American notions of free trade and Beijing's state-led development model.

China's yuan rose sharply against the dollar on Wednesday, a day after the central bank assured markets it would keep the currency stable amid growing worries about trade friction, although stocks fell.

At 12:01 a.m., the US slapped a 25 percent tax on $34 billion worth of Chinese imports.

The Commerce Ministry statement didn't provide details on its retaliation.

The China Daily editorial said there should be no doubting Beijing's resolve and that China would not give into blackmail.

In response, the world's second-largest economy warned it would take the "necessary countermeasures", triggering what is now a full-blown trade conflict.

The big question is how far the hostilities between Washington and Beijing will go.

A China central bank adviser said the planned USA import tariffs on $50 billion worth of Chinese goods - $34 billion plus a planned follow-on list worth $16 billion - will cut China's economic growth by 0.2 percentage points, the official Xinhua news agency reported Friday.

This will be affected by how high individual tariffs are, and also if they are expanded to other countries like Canada, Mexico and the European Union.

US tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday, with Beijing saying it had no choice but to respond in kind, as the two trading giants escalated a bitter row.

The General Administration of Customs did not comment on the delays and said the agency will implement the tariffs as announced on Thursday. 34 and then you have another 16 in two weeks, and then, as you know, we have 200 billion in abeyance, and then after the 200 billion we have 300 billion in abeyance.

"After the United States unfairly raised tariffs against China, China immediately put into effect raised tariffs on some USA goods", foreign ministry spokesman Lu Kang told a daily media briefing on Friday afternoon.

That amount is higher than an earlier threat from Trump to target as much as $450 billion of Chinese exports.

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China has threatened to respond with tariffs on hundreds of USA goods, including top exports such as soybeans, sorghum and cotton, threatening U.S. farmers in states that backed Trump in the 2016 USA election, such as Texas and Iowa.

China has promised to respond with additional tariffs on USA goods.

Foreign companies accounted for US$20 billion, or 59 percent, of the US$34 billion of exports from China that are to be subject to new USA tariffs, with USA firms accounting for a significant part of that 59 percent, he added.

"We think that you can change China's behavior without shooting yourself in the foot".

SEMI, which represents semiconductor companies and others in the manufacturing supply chain for the electronics industry, estimates that the initial round of tariffs will increase costs for its members by between $20m and $35m. U.S. tariffs on steel and aluminum imports have provoked retaliatory measures against billions of dollars of American exports.

The imposition of the tariffs had little impact on Asian stock markets.

For the time being, analysts say it's hard to see Washington or Beijing backing down in the dispute.

While those particular instances may not be directly related to the tariffs, groups in China, such as the US Chamber of Commerce in China, told the Post that members are concerned about the possibility of regulatory retribution on US firms due to Trump's trade fight.

Trump discussed the trade war Thursday with journalists who flew with him to Montana for a campaign rally.

The two giant economies appear ready to see which side can endure the most pain.

American farmers and manufacturers, in particular, seem poised to bear the brunt of the effects of the U.S.

"They're holding everything ... because there's uncertainty", he said. "We urge the two governments to come back to the negotiation table".

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