China imposes retaliatory duties on 800 goods from US

China ‘fully prepared’ for trade war with US

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

After that, the hostilities could intensify: Trump said the USA is ready to target an additional $200 billion in Chinese imports - and then $US300 billion more - if Beijing does not yield to USA demands and continues to retaliate.

China's tariffs on hundreds of USA goods include top exports such as soybeans and cotton.

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

The Commerce Ministry on Friday criticized Washington for "trade bullying" following the tariff hike that took effect at noon Beijing time in a spiraling dispute over technology policy that companies worry could chill global economic growth.

Some U.S. companies scrambled Friday to reach China before the tariff deadline.

The Trump administration drafted its initial tariff list to spare consumers, and numerous products that American families purchase from China, like flat-screen TVs and shoes, are not directly hit on Friday.

As per latest reports, China has vowed to respond immediately in kind.

The United States and China slapped tit-for-tat duties on $34 billion worth of the other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" ever in a sharp escalation of their months-long conflict. "Phenomenal growth", said Zampa, "There's concern now if there are retaliatory tariffs coming from China on wine, nuts, fruit and meats the business for our growers is going to diminish".

China said Friday it had already imposed retaliatory measures on U.S. goods, moving immediately after Washington implemented tariffs on Chinese goods at the stroke of midnight.

Chinese Commerce Ministry spokesman Gao Feng said that the proposed US tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.

'US measures are essentially attacking global supply and value chains. "To put it simply, the U.S.is opening fire on the entire world, including itself", he said.

U.S. Customs and Border Protection will collect 25 percent duties on a wide range of Chinese items, including cars, computer disk drives, and parts of everything from valves to printers, but leaves cellphones, as well as footwear untouched.

The lists of goods to be hit by tariffs have been updated several times by both administrations. But some products, including thermostats, are lumped into intermediate and capital goods categories.

China's tariff list is heavy on agricultural goods such as soybeans, sorghum and cotton, threatening USA farmers in states that backed Trump in the 2016 U.S. election, such as Texas and Iowa.

Chinese buying of soybeans has already ground almost to a halt ahead of the duties.

A Global Times commentary suggested the USA was futilely trying to contain China's progress, stating, "If the U.S. is determined to escalate conflicts with China, then so be it".

Gao noted that most of those exports are actually made by U.S. and worldwide companies in China.

News of the hold-ups came as Washington imposed tariffs on $34 billion of Chinese imports from 0401 GMT on Friday. "Half of all USA manufacturing jobs depend on exports, (and) one in three acres on American farms is planted for worldwide sales".

The iconic motorcycle manufacturer said in public filings that the move was the only "sustainable option" to continue supplying bikes to Europe.

Adding to the tensions, a Chinese court this week temporarily barred Micron Technology Inc from selling its main semiconductor products in the world's biggest memory chip market, citing violation of patents held by Taiwan's United Microelectronics Corp (UMC).

The Washington Post reported on Wednesday that USA companies had already felt Beijing's sting "in the form of stalled product approvals, worker visas and licensing applications". It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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