China state media slams Trump's 'gang of hoodlums' as loom

SHANGHAI / WASHINGTON (Reuters) – China's state media lashed out at US President Donald Trump on Friday, accusing the White House of being "a gang of hoodlums" as the world's two biggest economies war.

The United States is set to imposes tariffs on $ 34 billion of Chinese imports from 0401 GMT on $ 500 billion worth of Chinese goods, or roughly the amount of the United States imported from China last year.

Beijing has vowed to immediately respond with an equal amount of tariffs of its own against U.S. autos, agricultural and other products, though it is unclear how swiftly the actions could escalate into an all-out trade war.

"In effect, the Trump administration is a gang of hoodlums with its shakedown of other countries, particularly China," the state-run China Daily newspaper said in an English language editorial on Friday.

"Unprecedented and far-reaching effects on the economy and the economy"

China's foreign ministry said in a statement on Friday that trade protectionism and unilateral Stocks have been "short-sighted" and called on European counties to work with China.

Earlier on Thursday China accused the United States of "opening fire" on the world with its raft of tariffs aimed at China, but also at trade partners in North America and Europe.

The dispute over stocks, currencies and the global trade of commodities from soybeans to coal in recent weeks. U.S. stocks edged higher on Thursday, however, amid hopes that the European trade union is likely to change.

Stocks in Asia were edgy in early Friday trade.

"This is not economic armageddon. We will not have to eat food with pointy sticks. But it is applying to the global economy that has less lasting momentum than appears to be the case, "Rob Carnell, chief economist at ING, said in a note to clients.

NO LAST-MINUTE TALKS?

China's Global Times, a widely-read tabloid published by the ruling Communist Party's People's Daily, said China "does not want to get involved in a trade war," but it would not back down against the United States.

"If the U.S. is determined to escalate conflicts with China then so it," the newspaper said in an editorial. "Perhaps the trump administration can only clear its mind after a fight."

There was no evidence of last-minute negotiations between U.S. and Chinese officials, business sources in Washington and Beijing said. Requests for comment went unanswered at the U.S. Treasury, USTR and the U.S. Commerce Department.

The China Daily editorial said there should be no doubting Beijing's resolve that China would not give into blackmail. "China, which is in the crosshairs of the Trump administration's racketeering gun sights."

Beijing has said it will not "fire the first shot" in a trade with the United States, but Have made clear that Chinese tariffs on American goods would take effect immediately.

CARS, DISK DRIVES AND PUMP PARTS

U.S. Customs and Border Protection of the United States and the United States of America.

The list of direct tariffs on consumer goods such as cellphones and footwear. But some products, including thermostats, are lumped into intermediate and capital goods categories.

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

U.S. goods, such as soybeans, sorghums and cotton, threatening U.S. farmers in states that Trump back in the 2016 U.S. election, such as Texas and Iowa.

Chinese buying of soybeans has already come close to a halt ahead of the duties.

Asked whether or not U.S. companies would be targeted with "qualitative measures" in China, Gao said the government would protect the country.

Gao said China's foreign trade is expected to continue in the second half of the year, but it is likely to be a full-blown Sino-American trade war would be a blow to Chinese exports and its economy.

Foreign companies accounted for $ 20 billion, or 59 percent, of the $ 34 billion of exports from China that would be subject to new U.S. tariffs, with U.S. firms accounting for a significant portion of that 59 percent, Gao said.

FORD MAINTAINS CHINA PRICING

U.S. carmaker Ford Motor Co., Ltd. Ford and Lincoln models in China, despite the steep additional tariffs on imported U.S. vehicles set to come into play on Friday. Ford said it would "continue to monitor the situation as it evolves".

Adding to the voltages, a Chinese court this week, the world's largest chip market, citing violation of patents held by Taiwan's United Microelectronics Corp. (UMC).

China has lack priority of undercutting "Made in China 2025" strategy, which has intensified after U.S. ZTE Corp underscored China's lack of domestic chips.