Wednesday, 26 September, 2018

China will counterattack US tariffs

Relations have soured between US President Donald Trump’s administration and that of Chinese President Xi Jinping since they met in Beijing last year sparking fears of an all-out trade war Europe rejects alliance with China to fight Trump on trade
Laurie Berry | 11 July, 2018, 21:49

Ford Motor Co said on Thursday that for now, it will not hike prices of imported Ford and higher-margin luxury Lincoln models in China.

In this July 4, 2018, photo, a robot from Chinese search company Baidu welcomes visitors to a developer event in Beijing, China.

One negative outcome for Europe, Herrero said, would be if Trump can push the Chinese into a trade agreement aimed at reducing the USA trade deficit.

The company, known as AMSC and based in MA, was reeling after a Chinese partner stole its technology - the electronic brains that run wind turbines.

Asked whether US companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.

To understand why the United States and China stand on the brink of a trade war, consider the near-death experience of American Superconductor Corp. The administration contends that US industrial leadership will be eroded by Beijing's strong-armed drive to achieve technological supremacy in such fields as robotics, biotech and artificial intelligence.

China's stocks clawed back earlier losses on Friday but lengthened a string of weekly declines as Washington's tariffs on Chinese goods took effect, escalating the trade row between the world's two largest economies.

Trump's 25 percent tariffs on Chinese goods takes effect on Friday. These include soybeans and automobiles.

The retaliatory tariffs from China will fall especially hard affecting more than 25% of a county's economy-in almost 20% of the counties that voted for President Donald Trump in 2016, affecting eight million people mostly in agricultural, manufacturing and technology sectors, The Wall Street Journal reported.

Robert Holleyman, Crowell and Moring partner and former Obama trade representative, quoted in India's Economic Times: "If we don't find an exit ramp, this will accelerate like a snowball going down a hill".

"I've watched for too many years. how we always end up taking the brunt of most trade deals", he said.

Japan's Nikkei 225 index fell 0.8 percent to 21,544.54 and the Shanghai Composite index dropped 0.9 percent to 2,734.77. Hong Kong's Hang Seng also rose 0.5 percent.

Another day, another upset: No. 1 Halep is out
Making her fourth appearance at Wimbledon, Ostapenko will look to improve on her run to the quarter-final previous year . Two-time champion Rafael Nadal reached the last 16 for the eighth time and made sure of keeping the World No.1 ranking.

What happens when the world's two biggest economies go to war?

The ruling Communist Party has insisted on making changes at its own pace while sticking to a state-led industrial strategy seen as the path to prosperity and global influence. Beijing has announced reforms this year including ending limits on foreign ownership in its auto industry, but none directly addresses complaints that are fueling its conflict with Washington.

Beijing immediately reacted to the measure by slapping higher tariffs on predominantly agricultural products from the US in a bid to harm US President Donald Trump's voters in rural areas.

Local customs at the port of Qingdao have let through American products they held up on Friday, and imposed higher tariffs on the goods, according to a trader briefed by a customs official at the port.

Both the U.S. and China are expected to expand their tariff measures to cover goods worth a total of 50 billion dollars.

Chinese officials reject accusations they steal or force foreign companies to hand over technology.

A second tranche of 284 goods worth $16 billion is now under review and could be added to the US list. If it adopted worldwide standards and access conditions similar to other Asian markets, US beef exports there could exceed $4 billion in the next five years, USMEF said.

"This is a potential concern for the outlook of corporate investment and consumption around world", said Hui.

"A little fighting may be the only way the Trump administration clears its mind and allows everyone to sober up", the state-run Global Times said.

European envoys say they already sensed a greater urgency from China in 2017 to find like-minded countries willing to stand up against Trump's "America First" policies. Beijing swiftly retaliated in kind.

Two companies in Shanghai told the BBC that customs authorities were delaying clearance processes for United States imports on Friday. -Chinese tensions, Zarit said.

"We feel the deficit is on the other side", Mr Juncker told the European Parliament yesterday.

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