No Trade War With China

A man chooses bananas near imported apples from the United States at a supermarket in Beijing on Monday

Beijing's decision to impose steep 25 percent tariffs on 106 us goods, impacting $50 billion in USA exports, comes one day after the Trump administration announced plans to target $50 billion in Chinese imports across a range of products.

The trade showdown between Washington and Beijing has rattled investors and fueled market fears that the dispute could soon spiral into a full-blown trade war.

Asked about whether Beijing is considering scaling back purchases of U.S. Treasury bonds as a retaliatory measure, Zhu said only, "China is responsible for investors in the worldwide capital market".

The step escalates a brewing trade war between the world's two largest trading nations, with the Trump administration's latest offensive based on alleged infringements of intellectual property in China.

The release of the list by U.S. Trade Representative Robert Lighthizer leads into a roughly 60-day period when the public can provide feedback and the government holds hearings on the tariffs. The effective date of China's moves depends on when the U.S. action takes effect.

"It is still uncertain how this will play out", Julian Evans-Pritchard, an economist at Capital Economics, wrote in a research note Wednesday.

Business groups say companies feel increasingly unwelcome in China's state-dominated economy and are being squeezed out of promising industries.

The date on which China's tariffs will be implemented depends on the outcome of negotiations with the U.S., Vice Finance Minister Zhu Guangyao told reporters after a briefing in Beijing on Wednesday.

DowDuPont Inc said its agriculture unit could be hurt by the escalating conflict as there could be "price declines in the total market" for soybeans, with negative impacts on US farmers.

China will not be afraid or back down if a trade war is unavoidable.

'We can not let this continue!' "They have a lot more to lose in any escalation in this matter".

Below are some of the reactions from some Chinese companies and trade bodies to Washington's announcement of proposed tariffs on Chinese imports into the U.S.

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Tobacco and whiskey, for example, are both on Beijing's list and are produced in states including Kentucky, home of Senate Majority Leader Mitch McConnell.

NEW YORK — Stocks are sinking again after the US and China each announced tariffs on goods exported by the other, a move that increased investors worries over a trade dispute that could slow down global commerce.

The move went against the interests of China, the United States and the world economy, violating the basic principles and spirit of the World Trade Organisation (WTO), it said.

Items on the Chinese list include agricultural exports such as soybeans, and vehicles including some airplanes and trucks.

Soybeans on the Chicago Board of Trade immediately dropped as much as 4.2 percent, while wheat and corn futures also slid, Bloomberg reported. The dollar briefly extended early losses, while China's yuan skidded in offshore trade.

"At the same time, we are preparing to take measures of the same strength and same scope against USA goods", said a ministry statement.

"The door to negotiations and consultations to resolve the problem is always open". Companies and consumers will have the opportunity to lobby to have some products taken off the list or have others added.

He added that some USA punitive action against Beijing has been "coming for a while" over what the United States calls China's predatory behavior involving technology.

By contrast, because the United States imports significantly more from China, tariffs on the same amount of products make up roughly one-ninth of its Chinese imports.

In another warning move, Chinese regulators launched an anti-dumping investigation of US sorghum last month as rhetoric between Beijing and Washington heated up.

"The remaining products were ranked according to the likely impact on USA consumers, based on available trade data involving alternative country sources for each product", the official, who spoke on condition of anonymity, told Reuters.

Many products in those segments appear on the list, including antibiotics and industrial robots and aircraft parts. In the past, China has mobilized its vast ranks of consumers to turn up their noses at products from Japan, the Philippines and South Korea during political disputes, though getting Chinese consumers to stop buying iPhones and Chevrolets could be trickier.

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