Trade war erupts as China fights back against U.S. tariffs

China rejects ‘blackmail’ on eve of US tariff hike

China vows counter-attack as Trump trade pulls trade war trigger

Although the Chinese statement did not outline targets, Beijing has promised to slap levies on an equal amount of American goods, including heartland staples like soybeans, corn, pork and poultry - a move President Donald Trump said would compel the hit China with levies on up to $500 billion in products.

The Chinese Foreign Ministry said "retaliatory tariffs" took effect. Chinese officials reject accusations they steal or force foreign companies to hand over technology.

Beijing insists it's the injured party.

China has accused the United States of "opening fire" on the world with tariffs that took effect Friday, warning that it would respond the moment that duties on $34 billion in its products kick in. The collateral damage such trade diversion can create could be extensive. Washington does not have the right to ask Beijing not to develop something and it is impossible for China to listen to its command...

He told CNBC that there may be no way to escape a trade war with China.

As the trade war with China - caused by tariffs demanded by Donald Trump - heats up, the editors of the Wall Street Journal have taken the president to task, sarcastically mocking him as a "master negotiator" who has yet to negotiate any deals while causing damage to the USA economy. The rest of the world would suffer collateral damage, even if the United States were to refrain from penalising imports from other countries.

Trump this month said he doubted he could achieve a deal he likes until after the US midterm elections in November. President Xi, the president of China, is taking a much longer view than Trump because China's presidency doesn't have term limits.

Many businesses count China as a major export destination, but the retaliatory tariffs placed by the Chinese government on USA products will similarly increase prices in China and hurt sales. "So we have 50 plus 200 plus nearly 300". Eastern time Friday on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs.

The US trade deficit in goods with China ballooned to a record $375.2-billion past year, further stoking Trump's ire.

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But the trade gap between the USA and China widened sharply, Commerce Department said.

Among the American goods affected are soybeans.

And Beijing's tactics may go beyond tariffs to include arbitrary quarantines and a costly uptick in customs inspections. It also is rooted in the clash between American notions of free trade and Beijing's state-led development model.

U.S. tariffs on $34bn (£25.7bn) of Chinese goods came into effect on Friday. Trump has added to the tension by threatening new tariffs on cars.

"I don't see this ending well", she said.

The trade war may have just started, but China has already been making moves in the soybean world as USA shipments originally destined for the nation have been canceled or rerouted.

"Consumers will not only be helpless, but will also harm the interests of American businesses and people", the statement said.

"The global trade conflict is at risk of a serious escalation", said Adam Slater of Oxford Economics in a report. "At that point, the USA will be more interested in negotiations, and the Chinese side will also want to come to the table". CNN listed the items impacted on both sides in this story. For example, the United States government wants China to rein in government subsidies for policies like "Made in China 2025", which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader. -China tit-for-tat tariff fight is likely to shrink trade volume worldwide, which would weigh on the global economy that has been on a recovery track.

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