China Trade wars continue as China vows retaliation

White House escalates China trade dispute to secure early breakthrough: John Kemp

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt USA families and workers more than they will hurt China", said Matthew Shay, president of the National Retail Federation.

"Unilateral threats and pressure will only produce the opposite of the desired result", Geng said.

The highest penalties on the new list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election.

"Pressure and blackmail from the US won't work", Geng Shuang, a spokesman for the Chinese Foreign Ministry, said at a briefing in Beijing, the New York Times reported.

General Electric (GE.N) estimated the new tariffs on its imports from China could raise its costs by $300 million to $400 million overall, before steps to lessen the impact while General Motors Co (GM.N), Ford Motor Co (F.N) and Fiat Chrysler Automobiles NV (FCHA.MI) (FCAU.N) have lowered their full-year profit forecasts.

Camuñez notes that the Trump administration has given mixed signals about how tough it's willing to be with China, and that has complicated efforts to resolve the conflict.

The U.S. imposed 25 percent tariffs on $34 billion of Chinese products earlier this month, with plans to add another $16 billion of imports on Tuesday.

China is trying to seek an "equal" position in future talks with the United States with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

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Trump has complained repeatedly about the gap between the amount of goods USA companies buy from China and the amount of goods that US companies export to China.

The Phoney War stage of U.S. President Donald Trump's trade dispute with China may be ending, with economic indicators and commodity flows and prices starting to show real world effects. Beijing retaliated with matching tariffs on the same amount of U.S. exports to China.

Washington is preparing to also impose tariffs on an extra $16 billion of goods in coming weeks, and Trump has warned he may ultimately put them on over half a billion dollars of goods - roughly the total amount of U.S. imports from China previous year.

President Trump on Wednesday tried to increase pressure on China to change its trade practices by directing administration officials to consider more than doubling the size of proposed tariffs he has already threatened to slap on $200 billion in imports.

"But we don't think such an approach will work", he said. After the earlier tariffs $34 billion of USA goods, about $120 billion is available for retaliation.

Lighthizer published a list of the $200 billion in products that would face the 10 percent tariff threshold several weeks ago.

In its statement, however, the Chinese Commerce Ministry said China can achieve "high-quality" economic growth despite the toll exacted by tariffs: "China always holds on to the belief that bad things can be turned into good things".

Hearings are scheduled for Aug. 20 to 23 and the comment period has been extended to September 5 from late August, according to Lighthizer's office.

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