{"id":129978,"date":"2018-07-11T16:27:13","date_gmt":"2018-07-11T14:27:13","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=129978"},"modified":"2018-07-11T16:27:13","modified_gmt":"2018-07-11T14:27:13","slug":"129978","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=129978","title":{"rendered":""},"content":{"rendered":"

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China says will hit back after U.S. proposes fresh tariffs on $200 billion in goods<\/h1>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
<\/div>\n

China accused the United States of bullying and warned it would hit back after the Trump <\/strong>administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion (150.70 billion pounds) of Chinese goods.<\/strong>
\nChina\u2019s commerce ministry said on Wednesday it was \u201cshocked\u201d and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. In a statement, it called the U.S. actions \u201ccompletely unacceptable\u201d.<\/strong><\/p>\n

The foreign ministry described Washington\u2019s threats as \u201ctypical bullying\u201d and said China needed to counter-attack to protect its interests.<\/p>\n

\u201cThis is a fight between unilateralism and multilateralism, protectionism and free trade, might and rules,\u201d foreign ministry spokeswoman Hua Chunying told a regular briefing on Wednesday.<\/p>\n

Beijing has said it would hit back against Washington\u2019s escalating tariff measures, including through \u201cqualitative measures,\u201d a threat that U.S. businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.<\/p>\n

China could also limit visits to the United States by Chinese tourists, a business state media said is worth $115 billion, or shed some of its U.S. Treasury holdings, Iris Pang, Greater China economist at ING in Hong Kong, wrote in a note.<\/p>\n

The $200 billion far exceeds the total value of goods China imports from the United States, which means Beijing may need to think of creative ways to respond to such U.S. measures.<\/p>\n

On Tuesday, U.S. officials issued a list of thousands of Chinese imports the Trump administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminium, prompting criticism from some U.S. industry groups.<\/p>\n

It also includes consumer goods ranging from car tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.<\/p>\n

SPONSORED STORIES<\/strong><\/p>\n

\u201cFor over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,\u201d U.S. Trade Representative Robert Lighthizer said in announcing the proposed tariffs.<\/strong><\/p>\n

\u201cRather than address our legitimate concerns, China has begun to retaliate against U.S. products … There is no justification for such action,\u201d he said in a statement.<\/p>\n

Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China. Each side is planning tariffs on a further $16 billion in goods that would bring the totals to $50 billion.\"China<\/a><\/p>\n

MARKETS RATTLED<\/strong>
\nInvestors fear an escalating Sino-U.S. trade war could hit global growth and damage sentiment.<\/strong><\/p>\n

On Wednesday, the MSCI\u2019s broadest index of Asia-Pacific shares outside Japan was down about 1 percent, while the main indexes in Hong Kong and Shanghai recovered somewhat after falling more than 2 percent.<\/p>\n

S&P 500 and Dow futures dropped around 1 percent, pointing to a weak opening on Wall Street later on Wednesday.<\/p>\n

The onshore yuan tracked its offshore counterpart lower with traders closely watching the key 6.7 per dollar level as pressure mounted on the currency.<\/p>\n

U.S. President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods – roughly the total amount of U.S. imports from China last year.<\/p>\n

The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms and increasing the stakes for lawmakers in Trump\u2019s Republican party facing elections in November.<\/p>\n

The list is subject to a two-month public comment period before taking effect.<\/p>\n

\u2018TARIFFS ARE TAXES\u2019<\/strong>
\nSome U.S. business groups and lawmakers from Trump\u2019s own Republican Party were critical of the escalating tariffs.<\/strong><\/p>\n

Senate Finance Committee Chairman Orrin Hatch said the announcement \u201cappears reckless and is not a targeted approach.\u201d<\/strong><\/p>\n

The U.S. Chamber of Commerce has supported Trump\u2019s domestic tax cuts and efforts to reduce regulation of businesses, but does not back Trump\u2019s aggressive tariff policies.<\/p>\n

\u201cTariffs are taxes, plain and simple. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators. It will also result in retaliatory tariffs, further hurting American workers,\u201d a Chamber spokeswoman said.<\/p>\n

Louis Kuijs, Hong Kong-based Head of Asia Economics at Oxford Economics, said while he expects China to strongly condemn the U.S. moves, its policy response is likely to be limited for now.<\/p>\n

\u201cIn part because they have only limited ammunition and in part because it\u2019s still early in the process o<\/p>\n","protected":false},"excerpt":{"rendered":"

China says will hit back after U.S. proposes fresh tariffs on $200 billion in goods China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion (150.70 billion pounds) of Chinese goods. China\u2019s commerce ministry …<\/p>\n","protected":false},"author":3,"featured_media":129979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-129978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-te-public"],"yoast_head":"\n- Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=129978\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"- Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"China says will hit back after U.S. proposes fresh tariffs on $200 billion in goods China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion (150.70 billion pounds) of Chinese goods. 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