China warns of retaliation if USA takes more trade steps

Trump plans to impose 25 percent tariffs on $200B worth of Chinese goods

China, which has accused the United States of bullying, again vowed to retaliate if Trump proceeds with the measures, warning that pressure tactics would fail.

The administration last month released a list of thousands Chinese products it wants to slap with an additional 10 percent in tariffs, ranging from television components to handbags and seafood to baseball gloves.

Conflicting signs over the state of U.S.

As tensions escalate, the dynamics are changing.

"If we're going to use tariffs, this gives us more flexibility and it's a more meaningful threat", he said, adding that Trump's pressure strategy will not work if he does not resolve trade disputes with USA allies such as the European Union, Mexico and Canada.

China's Ministry of Foreign Affairs said it will fight back should the USA further increase tariffs.

Geng also said that China has "always upheld using dialogue and consultations to handle trade frictions", but that "unilateral threats and pressure will only produce the opposite of the desired result".

Whether or not President Trump understands that the policies he has so far enacted will on balance explode the trade deficit is tough to say. When Countries like China and Germany implement policies of wage suppression, they not only make their domestic producers more competitive relative to the United States, they also create excess savings that must be invested overseas.

Trump, who has accused China and others of exploiting the United States in global trade, has demanded that Beijing make a host of concessions to avoid the new duties, which could be imposed in the weeks after a comment period closes on September 5.

Mr Trump's threats of higher tariffs weighed on China's financial markets.

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"Given the scope of the products covered, about half of all imports from China are facing tariffs, including consumer goods", Ms Ennis said. The yuan fell against a trade-weighted basket of currencies to a level that's near the lowest on record, suggesting policy makers are allowing further weakness.

In his statement, Lighthizer said the option for higher tariffs on the Chinese goods was created to pressure Beijing into economic reforms, such as curtailing the theft of United States intellectual property by Chinese firms. Chinese officials haven't yet commented on the prospects for resuming talks.

Geng gave no indication whether the two sides were preparing to resume negotiations.

"But we don't think such an approach will work", he said.

In measured and balanced responses, China made two points.

China announced Friday it will put tariffs on $60 billion of US imports if the USA moves forward with 25% tariffs on $200 billion goods.

Many U.S. ports, both air and sea, are witnessing record import volumes.

"China is fully prepared and will have to retaliate to defend the nation's dignity and the interests of the people", China's Ministry of Commerce said in a statement on Thursday. So far this year (through July 3), a basket of stocks compiled by Goldman Sachs representing companies that derive 100% of revenues in the U.S.is up 5%, compared with a 1% gain for firms with a preponderance of worldwide sales.

China has not yet responded to the tariff rate increase. The Mexicans, for example, targeted US pork and cheese. There have been no formal talks between Washington and Beijing over Trump's demands for weeks.

That fell apart shortly after it was announced by US officials and amid acrimony in the negotiating team sent to Beijing due to disagreements over the concessions that would be made to China.

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