Thursday, 15 November, 2018

Time difference gives China head start on tariff war with U.S.

Donald Trump Source Shutterstock
Orlando Vargas | 05 July, 2018, 08:41

But if the scope of the tariffs widened then New Zealand could be affected - either through intermediary goods sold into the USA or China for further processing or because markets were disrupted more broadly.

The United States is "opening fire" on the world with its threatened tariffs, the Chinese government warned on Thursday, saying Beijing will respond the instant US measures go into effect as the two locked horns in a bitter trade war.

China, Canada, Switzerland, Norway, Turkey, Costa Rica, Hong Kong, Venezuela, Singapore, Brazil, South Korea, Mexico, Qatar, Thailand and India all echoed the same concerns and said they doubted the US tariffs were in line with WTO rules.

Noting reports that the U.S. could add a tax on essentially every product shipped from China, Gao said "using the tariff stick to bully on trade runs against the trend of the times". "They firmly believe that free trade is a powerful engine for global economic growth".

Imports from the USA are seen at a supermarket in Shanghai, China April 3, 2018.

In Beijing, Chinese Foreign Ministry spokesman Lu Kang said summit preparations were proceeding, and details would be announced in due course.

An outright trade war with the United States could hit China's export machine, with recent data pointing to fatigue as credit expansion slowed and domestic demand looked to be softening.

It shows the depth of Chinese concern about a trade war with Washington, as Trump is set to impose tariffs on billions of dollars worth of Chinese imports on July 6.

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Donald Trump has threatened to escalate the conflict by imposing further tariffs on up to $200bn of Chinese goods, if Beijing retaliates on Friday.

The global commercial order is being shaken by the Trump administration's use of an obscure United States trade-law provision on national security to justify steel and aluminium tariffs against a host of countries including defence allies.

"China will not bow down in the face of threats and blackmail and will not falter from its determination to defend free trade and the multilateral system".

Still, China's stance is striking given Washington's deep economic and security ties with European nations.

China has issued a safety warning to its citizens travelling to the United States amid rising tensions between the sides over accusations of unfair trading practices and other disputes.

"While the Trump administration is anxious about gains and losses, Chinese people have unfaltering confidence in China's future".

Michael Hewson, the chief market analyst at CMC Markets UK, said: "In a holiday shortened United States session before the 4 July holiday, USA equity markets finished lower on the day as trade concerns kept investors cautious". The report said how, in 2016, after a Chinese student was shot and killed in Arizona, the Chinese Embassy in Washington told travelers to avoid "crime scenes and tough neighborhoods".

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