China Blasts US for 'Opening Fire on the Entire World' With Tariffs

US President Donald Trump

US President Donald Trump

In the brewing trade war between the U.S. and China, Beijing officials consistently seek to portray their nation as simply being on the defensive against Donald Trump's aggressive tactics.

U.S. -CHINA TARIFFS: The Trump administration is set to impose a 25 percent tariff on $34 billion worth of Chinese imports starting Friday. A Chinese government spokesman has said Thursday, July 5, 2018, that Beijing "will not bow in the face of threats and blackmail" on the eve of USA tariff hikes and will defend its interests.

Taking a defiant stance, the Chinese Commerce Ministry on Thursday rejected "threats and blackmail".

"The United States will be opening fire on the whole world and also opening fire on itself", Chinese Commerce Ministry spokesman Gao Feng told reporters on Thursday.

"China will never fire the first shot".

China will not implement additional tariffs ahead of the United States' tariff move, an official of the Customs Tariff Commission of the State Council said Wednesday.

Fears over the impact of the trade clash have rattled markets around the world, with China's stocks and currency coming under particular pressure in recent weeks.

He emphasised that USA tariffs on Chinese exports will hurt both Chinese and foreign firms.

In its statement, the Fed indicated it planned to continue to gradually raise rates as it seeks to return monetary policy to a more normal state - after years of extraordinary efforts to stimulate growth - but cautioned that it was watching the trade conflict carefully.

Trump has threatened to impose new taxes on up to $416 billion worth of goods in coming months if China doesn't meet his trade demands. That could lead to politically unpalatable job losses. Americans worry that rising Chinese technological prowess might erode US industrial leadership and prosperity.

The company wants customers to split the cost of the tariff hike, but few are willing, said Tong.

A US industry source said: "There is a 99 percent chance that tariffs go into force on Friday". "I will do whatever I can, including layoffs".

Trump has remained defiant, declaring that trade wars are "good and easy to win", and arguing that the tariffs are necessary for national security and to balance trade deficits.

"Washington can not contain China's growth through a trade war", read the headline of an editorial Thursday in the Global Times, a party newspaper.

Another example of unfounded finger-pointing by the USA is the Made-in-China 2025 initiative. "Perhaps the Trump administration can only clear its mind after a fight".

Xi's government has expressed confidence China can hold out against USA pressure, but companies and investors are uneasy. Beijing has used such tactics in dustups with various countries, including South Korea, Australia and Norway.

"The Trump administration also believes that at least starting a trade war is in its interests; the U.S. economy is strong enough to endure a crimp in trade, the president's domestic political standing is as strong as ever amongst Republicans, and pushing China hard on trade may help restore USA credibility on other issues", he added.

Chinese consumers and businesses will bear the brunt as prices rise thanks to higher tariffs.

The warning, which Reuters described Tuesday as similar to a previous advisory posted by the embassy in January, contrasted sharply from the latest China-related travel alert issued by U.S. State Department.

That would slow his research.

In China, what will the economic impact be? "Even if you force domestic technology companies (to improve), it may take a while for them to adapt".

But the European Union, the world's largest trading bloc, has rejected the idea of allying with Beijing against Washington, five European Union officials and diplomats told Reuters, ahead of the summit.

He's sure to steer clear of any obvious backtracking that might make him look weak. Now it is attempting to resort to an all-out trade and economic war to hold back China's normal development.

"Are we heading for a full-blown trade war in which case it is very bad news for risk assets, or do we walk away from it, in which case, as we have seen today, markets are likely to rebound quite sharply".

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