China Says Will "Take Countermeasures" After New US Tariffs

Trump, in a statement announcing the new round of tariffs, warned that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

The Commerce Ministry gave no details of China's response to USA tariffs imposed in their fight over Chinese technology policy.

The commerce ministry said the new tariffs "bring new uncertainty to the consultations between the two sides".

Beijing will immediately retaliate against President Donald Trump's new tariffs on $200 billion in Chinese imports, setting the stage for a protracted dispute that could raise prices of household goods in both countries.

Chinese business magazine Caixin reported that JP Morgan chief China economist Zhu Haibin calculated the trade war would cost China 700,000 jobs and force USA and Chinese companies to move their factories out of China.

Trump also has complained about America's massive trade deficit - $336 billion previous year - with China, its biggest trading partner.

"China needs to show that it will stand up to Trump and the United States in order to demonstrate to the rest of the world that it is now America's rival", said Shaun Rein, managing director at the China Market Research Group in Shanghai. "But, so far, China has been unwilling to change its practices".

It will take effect on September 24 at a 10 percent level, and rise to 25 percent at the end of the year.

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He demanded Canada and Mexico renegotiate the North American Free Trade Agreement to make it more favorable to the United States. That would raise the total affected by US penalties to $517 billion - covering almost everything China sells the United States.

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China will impose a 10 per cent tariff on USA products it previously designated for a rate of 20 and 25 per cent. But if the administration enacts the additional tariffs it would engulf all remaining USA imports from China and Apple products like the iPhone and its competitors would not likely be spared.

'Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable.

Consumer safety products made in China, such as bicycle helmets sold by Vista Outdoor and baby vehicle seats and other products from Graco Inc also were taken off the list.

Fang Xinghai, a senior Chinese regulator, voiced the possibility the new tariff will "poison" the trade talks. More broadly, tariffs will lead to higher United States consumer prices, lower overall USA economic growth, and other unintended economic consequences.

China announced tariffs on U.S. goods worth $60 billion on Tuesday (Sep 18) in retaliation for President Donald Trump's decision to slap duties on US$200 billion in Chinese products next week.

In a post on its wesbsite, China's Commerce Ministry accused the USA of causing an "economic emergency" in China, and forcing China to retaliate.

Apple had warned publicly against the impact of tariffs, however, the iPhone is expected to be included next time should the Trump administration impose further duties. "If countries will not make fair deals with us, they will be "Tariffed!" Start building new plants now.

'Only knowing the pain of fighting will stop the war and cause (the United States) to negotiate seriously, ' said Lou.

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