China vows retaliation for latest $200bn U.S. tariff threat

China vows retaliation for latest $200bn U.S. tariff threat

That came four days after Washington added 25 percent duties on $34 billion of Chinese goods and Beijing responded by increasing its own taxes on the same amount of American imports. "We believe the USA measures interfere with economic globalisation and damage the world economic order".

City traders will be trudging wearily to their desks this morning after last night's gripping World Cup drama, and worrying about the impact of a US-China trade war.

"China has no option but to fight fire with fire".

"For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", Trade Representative Robert Lighthizer said in announcing the proposed tariffs.

Lighthizer said the initial $50 billion in US tariffs were aimed at goods that "benefit from China's industrial policy and forced technology transfer practices".

The U.S. trade deficit in goods with China ballooned to a record $375.2 billion past year, stoking his anger over trade policies. "There is no justification for such action".

Head of United States equity strategy at JP Morgan, Dubravko Lakos-Bujas, said: "Despite trade headlines, S&P 500 companies should deliver robust earnings on above-trend revenue growth and sharply higher margins".

On Wednesday, Beijing accused Washington of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 per cent tariffs on $200 billion of Chinese goods.

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The survey, conducted between April 10 and May 10, reflects the mix of key concerns and realities for American businesses in China at a time of heightened uncertainty as the Trump administration raises the ante in its trade war with Beijing.

Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach". "Tariffs threaten to boomerang on the very workers they're supposed to help, and will only further undermine the confidence manufacturers need to make investments in new equipment, facilities and people".

The spiraling conflict stems from Washington's complaint that Beijing steals or pressures companies to hand over technology and concerns that plans for state-led development of Chinese champions in robots and other fields might erode American industrial leadership. In fact, China is America's second-largest crude oil customer after Canada and is also one of the biggest importers of US propane and liquefied natural gas (LNG). The prospect of an worldwide trade war has sent jitters through world markets.

Louis Kuijs, Hong Kong-based Head of Asia Economics at Oxford Economics, said while he expects China to strongly condemn the USA moves, its policy response is likely to be limited for now.

The latest round of proposed tariffs come a few days after the USA government unveiled procedures for companies to apply for exclusions from the first round of tariffs, which went into effect July 6. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

Beijing has said it would hit back against Washington's escalating tariff measures, including through "qualitative measures", a threat that USA businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.

Ivanka's products remain untouched by these tariffs and the fashion line is continuing to work with and create order contracts for Chinese shoe suppliers, such as Chengdu Kameido Shoes and Hangzhou HS Fashion.

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