Offbeat China vows to fight back as the trade war escalates

10:11  11 july  2018
10:11  11 july  2018 Source:   businessinsider.com

China Has Arsenal of Non-Tariff Weapons to Hit Back at Trump

  China Has Arsenal of Non-Tariff Weapons to Hit Back at Trump Donald Trump’s threat to impose tariffs on an additional $200 billion of imported Chinese goods could see China retaliate with a wide range of non-tariff barriers. Because China only imports around $130 billion worth of goods from the U.S., its ability to match the tariffs dollar-for-dollar is limited. The U.S. imported $505 billion of goods from China last year.Upping the ante: Read more on Trump’s latest tariff threat.

In Beijing, a Commerce Ministry spokesman said China doesn't want a trade war — but isn't afraid to fight one. But economists warn that the tit-for-tat moves bear the hallmarks of a classic trade rift that could escalate .

China has vowed to fight the U.S. at "any cost" as trade tensions escalate . President Trump threatened 0 billion in new tariffs on Chinese goods after

a man standing in front of a building © Provided by Getty

It's now safe to say that a trade war is underway between the United States and China.

Following the introduction of reciprocal tariffs on $34 billion of the others imports on Friday, the US, as promised, has announced a new list of 6,000 Chinese goods, totalling $200 billion, that may be hit with additional 10% tariffs by the end of next month.

China's Commerce Ministry has vowed to retaliate to the countermove.

"The Chinese side is shocked by the actions of the US," it said in a statement, according to a translation by Google.

"In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, have to make the necessary counter-measures."

It vowed to immediately file an additional lawsuit against the US to the World Trade Organisation.

The Commerce Ministry also called upon the international community to "work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemonism".

"The behavior of the US is hurting China, hurting the world, and hurting itself," it said. "This irrational behavior is unpopular."

Trump to pull tariff trigger at midnight in trade war escalation .
President Donald Trump is preparing to slap tariffs on Chinese goods just after midnight Friday, the first shot in a trade war between the world’s two biggest economies. Tariffs on $34 billion of Chinese goods are scheduled to take effect at 12:01 a.m. in Washington, the U.S. Trade Representative confirmed in an email Thursday. The milestone marks a new and damaging phase in a conflict that has roiled markets and cast a shadow over the global growth outlook.In Beijing, policy makers are digging in for what could be a protracted fight -- one in which they say they won’t be the aggressor.

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