Chinese PM says a trade war benefits no-one

Posted July 10, 2018

The American tariffs are the result of President Donald Trump's bid to protect United States jobs and stop "unfair transfers of American technology and intellectual property to China".

Customs at the port of Dalian, where the ship Peak Pegasus was now anchored carrying 70,000 tonnes of US soybeans, have updated their tariffs for the USA goods on Beijing's list to the higher levels, according to a soymeal buyer briefed by a customs official at the port. It is unclear when these will come into effect. -Chinese tensions, Zarit said. However, German automaker BMW said it is unable to "completely absorb" new Chinese tariff on imported US-made models and will raise prices.

Troubles in the bilateral relationship go beyond trade. American officials worry US industrial leadership will be eroded by Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence.

In response, Beijing is hanging tough.

China previously described Trump's tariff threats as "myopic".

The U.S. Meat Export Federation was forecasting those sales to grow to $70 million in 2018 and reach up to $400 million in three or four years.

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He said: "It is an infernal logic, a unsafe logic, a logic that is in nobody's interest, starting with the U.S". -China relations are headed into "uncharted waters". Beijing is expected to hit back with tariffs on the same amount of USA goods, targeting a total of around 545 US goods ranging from soybeans to pork. They threatened to back off assisting the USA nuclear talks with North Korea. "I think products made in China are the best", said one shopper in a Beijing grocery story, who gave his name as Yang.

Beijing said that it has put into action a series of retaliatory actions against U.S. trade which became effective the moment Trump's decision was enforced.

China has, in fact, already distanced itself somewhat from its significant cooperation with the US on North Korea. Beijing has accused the U.S. of triggering the largest trade war in economic history. That shift began after Trump in March abruptly chose to hold a summit with Kim Jong Un. These would hit USA energy exports, such as coal and crude oil, among other areas.

Yet China also views what happens with North Korea through the lens of the geopolitical rivalry between the US and China, he said. We buy stuff from America, and America is buying stuff from China.

Right. The first shot in President Trump's trade war with China is about to be fired.

Trump's comments appeared to increase the stakes for potential retaliation by China.

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"China under Xi Jinping has been more aggressive in its pursuit of its interests".

Asked whether USA companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.

That may help to ward off the possibilities of unintended conflict between the two militaries, but it will not prevent a growing rift on other issues. The tactics include forcing USA companies to hand over technology in exchange for access to the Chinese market, as well as outright cyber-theft.

China's commerce ministry, in a statement shortly after the USA deadline passed at 0401 GMT on Friday, said that it was forced to retaliate, meaning $34 billion worth of imported United States goods including autos and agricultural products also faced 25% tariffs.

The two countries are now holding about $15 billion to $16 billion in goods in reserve for a second round of tariffs.

The resin sector seems to have escaped - for now - the escalating trade conflict between the United States and China, as China is temporarily delaying tariffs on exports of USA -made plastics materials.

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