China hits back after United States tariffs on Chinese imports

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China hits back after United States tariffs on Chinese imports

The ministry said Beijing would impose tariffs on American-made products in two stages unless a trade compensation agreement could be reached with the U.S.

Some are holding out hope a trade war can be averted and the disputes can be resolved through negotiation.

The American Chamber of Commerce in China said its members wanted the USA administration to advocate more strongly for a level playing field and reciprocal treatment to improve market access -despite concerns that the current actions could disrupt the global economy.

One is that USA consumers will be hurt.

Some observers see the proposals as a way to force China to the table faster.

But Chinese foreign ministry spokeswoman Hua Chunying said they aimed to increase educational and cultural exchanges to help mutual understanding and boost friendship. "We would get concerned if the tariffs started being blanket, and larger, but for now this seems to be about renegotiating trade deals".

A deal for the latter will not come in the next 45 days before the yet-to-be published US tariff list becomes effective. That will be followed by a comment period. After a final list is published, there will be another 30 days of consultations. The biggest losers in a trade war are likely to be farmers in Trump-supporting states.

However, China's Commerce Ministry also called on the "pull back from the brink" and to reconsider its new trade punishments.

"President Donald Trump's announcement of tariffs on $50 billion in Chinese goods markedly ratchets up the trade tensions", Bloomberg economist Tom Orlik wrote in a note. Thus, under World Trade Organization rules China's retaliation is legal.

An EU spokesperson to the Friday WTO meeting asserted that the new Beijing policy would result in scrap commodities going to third-world countries which, while welcoming the business, do not adhere to ecologically-safe recycling practices, simply dumping unwanted by-products in enormous landfills or burning the post-recycling waste, contributing to human-induced climate change. China was admitted to the WTO in 2001. Meanwhile, business groups representing companies ranging from Walmart Inc. are warning USA tariffs could raise prices for consumers and sideswipe stock prices.

Lawmakers on Capitol Hill are backing President Trump's decision to impose tariffs on China as Beijing threatens to retaliate. He told reporters that the threat of the steel and aluminum tariffs was already having an impact. Trade skirmishes can also hurt USA exports.

"We are interested in creating some motivation for China to actually take concrete actions to further open their markets to U.S. exports", the official said on condition of anonymity, adding that the two sides are constantly talking. Its ministry of commerce said it planned to impose a 15% duty on 120 types of United States products, like fruits, nuts, wine and seamless tubes, worth $977 million, and a 25% levy on other products, including pork and recycled aluminum.

Another concern remains how Chinese President Xi Jinping himself will respond as he consolidates power.

US diplomat Jason Mack called for a vote on China's text on "mutually beneficial cooperation", which was then easily adopted by the 47-member forum.

On the economic front, the USA new orders for manufactured durable goods in February increased $7.4 billion, or 3.1 per cent, to $247.7 billion, the Commerce Department said on Friday. He has publicly called on China to shave $100 billion off that figure. "It has been very expensive for America", said Navarro.

The president's new Chinese trade policies, authorized on Thursday, are the latest step taken to return the United State's to it's position as a leader in the global economy.

"China does not want to fight a trade war, but it is absolutely not afraid of a trade war", the commerce ministry said.

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