China plays for time in trade war with subtle shift in tone

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"The ability to increase global resource allocation can effectively offset foreign trade risks", Hu was quoted as saying.

China warned that higher prices due to trade conflicts with the United States would curb demand as farmers switch to alternatives for animal feed. Yet Beijing isn't about to drop its zeal to acquire the technology it sees as crucial to its prosperity.

John Connelly, president of the National Fisheries Institute, the United States seafood industry's most influential trade group, is calling on U.S. president Donald Trump and China to pick up a children's book and end their trade dispute.

China can find other suppliers for soybeans and other American goods hit by its own retaliatory tariffs, state media said. It said Beijing would take unspecified "necessary countermeasures" to protect its "core interests".

Tuesday's list appears to target China's important manufacturing export industries. "But it could mask over factors that could also weigh on equities in the longer run, such as tighter monetary policies led by the United States". But late Tuesday, when the administration issued a list of 6,000 products worth $200 billion that it proposes to hit with 10 percent tariffs, it included consumer items ranging from hats and handbags to seafood, vacuum cleaners, toilet paper and burglar alarms. The tariffs will follow the 25 percent tariffs implemented last week on approximately $34 billion worth of Chinese imports and will eventually cover up to $50 billion in Chinese imports.

According to the National Retail Federation, if the US government fully implements its threatened tariffs, the country's gross domestic product (GDP) may decline by almost 3 billion dollars and lead to the loss of 134,000 American jobs.

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According to its detailed notice on the process to come, USTR aims to conduct hearings in late August, which means that the earliest possible implementation date for the additional $200 billion in tariffs can be in September.

"They have been killing us", Trump said last week at a Montana rally. The Commerce Ministry has repeatedly pointed out that it responding to USA moves in equal measure - not playing the instigator.

"Tariffs are taxes, plain and simple".

Today's Wall Street Journal offers a detailed article on how China may respond to the new tariffs.

"The $200 billion figure we're looking at is roughly equal to their exports to us", a senior administration official said.

While China does not export enough goods to the U.S. to match the value of the announced tariffs, combining U.S. corporate revenue inside China with exports would give America a trade surplus of US$20 billion, according to research from Deutsche Bank cited by Bloomberg. Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".

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