China vows to 'fight back' after United States threaten $200bn tariffs on goods
12 July, 2018, 05:29 | Author: Myra Gill
President Donald Trump had ordered him last month to draw up the list in the event China retaliated against a previous round of US tariffs.
But the USA action drew a swift reaction from the plastics and petrochemical industries, with the head of the Plastics Industry Association saying the tariffs would "boomerang" and hurt manufacturing.
The administration will consult on the products over the summer, and make a final decision on tariffs after August 30.
The European Union Chamber of Commerce in China said this week its member companies are rearranging their trade shipments to ensure any bound for the United States don't pass through China. But one source at a top Chinesenews site told Reuters that the new rules are "the most strict yet".
The move comes only days after the US imposed $34 billion worth of tariffs on goods imported from Beijing. These levies target sectors key to China's industrial strategy, including computer hardware, railway equipment and aerospace manufacturing. China quickly responded by imposing tariffs on $34 billion in USA products. However, because China exports more to the United States than it imports there are limits on the amount of tariffs Beijing can impose on American goods. Tariffs could stifle hundreds of billions of dollars' worth of projects - including new pipeline infrastructure needed to get oil and natural gas from the prolific Permian Basin to markets. China has repeatedly denied accusations by the Trump administration of unfair trade policies. China responded with levies of its own, targeting $34 billion in USA products such as pork and whiskey.
Chinese diplomatic and trade observers said Beijing was hoping for a "truce" in the trade war, but Donald Trump's tariffs have derailed negotiation efforts.
On Friday, China accused Trump of trade bullying and setting off a chain of possible adverse effects for US consumers, as well as those overseas.
"China seems to have no interest in bending and they will retaliate".
"Unfortunately, China has not changed its behavior - behavior that puts the future of the USA economy at risk", he continues.
President Xi Jinping's government is also planning to take action against Washington's "unilateralist" behavior at the World Trade Organization in Geneva.
His administration has already imposed tariffs on aluminum and steel imports from the EU, Mexico and Canada at the end of May, prompting Ottawa to retaliate in kind against some United States exports.
Trump's latest action will hit consumer products, which were spared from the first import levies.
Chinese economist Hu Xingdou, however, suggested that China should keep control of the situation and take measures to prevent the trade conflict from expanding into a technological conflict.
They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory. "If the Americans can not export to China, they will look for markets in Canada - Europeans will look at the other markets, and all of a sudden Canada will be damaged".
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The first US tariff list focused on Chinese industrial products, an attempt to reduce the direct impact on American consumers. China's stocks slumped following news of the new tariffs after three days of gains, and the yuan weakened.
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