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China warned on Thursday that it would not give in to the "threat" of a trade war with Washington, while punitive tariffs are due to come into effect in many US products on Friday in the United States.
"China will not give in to threat or blackmail," Chinese Trade Ministry spokesman Gao Feng told reporters.
"The United States is at the origin of this trade war, we do not want it, but we have no choice but to fight for the interests of the country and the people, "Gao added, while the US administration must impose customs on Chinese products costing $ 34 billion in annual imports.
Despite alarmist warnings and market nervousness, the United States and China will step into the trade war with the United States. 'entry into force Friday of doua taxes reciprocal imports of tens of billions of dollars of goods.
US tariffs of 25% on 34 billion Chinese imports, which will affect 818 products including cars, aircraft components or computer hard disks. while sparing popular goods such as cell phones or televisions, will be effective Thursday at midnight.
Immediately thereafter, Chinese taxes on an equivalent amount of US imports will be applied. They will affect agricultural products including soybeans, which are highly dependent on the Chinese market, the automotive sector, and seafood products such as lobsters.
In total, $ 50 billion in Chinese imports will be affected by US measures to compensate for what the Trump administration considers to be the "theft" of intellectual property and technology. The second batch of 16 billion Chinese imports is currently under further review by US Trade Representative Robert Lighthizer.
China, which has decided to retaliate with same, also plans to tax a total of $ 50 billion of US imports.
The world's two largest economic powers should not stop there since Donald Trump asked Robert Lighthizer "to identify $ 200 billion Chinese goods for additional tariffs of 10%. "
Added to this is the threat of taxing another $ 200 billion in additional goods" if China increases its tariffs again "in reaction.
These measures could therefore bring to 450 billion the value of Chinese products taxed, ie almost all imports from the Asian giant (505.6 billion dollars in 2017).
Experts warn for months against the do potential mergers of such a trade confrontation, not only on the US economy but also on the world economy.
In an badysis published Monday titled "the wrong approach" (thewrongapproach), the US Chamber of Commerce has estimated at "about $ 75 billion" the amount of US exports hitherto affected by the retaliation of US trading partners.
It cites six states in particular (Alabama, Michigan, Pennsylvania, South Carolina , Texas and Wisconsin) were particularly affected, all of whom had voted in favor of Donald Trump during the last presidential election in 2016.
Companies Are Alarmed
"The administration threatens to undermine the economic progress that 'it has put so much energy to accomplish,' said Tom Donohue, president of the influential employers' federation, whose headquarters are located not far from the White House. "We must aim for a free and fair trade but that's not how we'll get there," he said.
Companies are also starting to get alarmed by the public Mid Continent Nail Corporation, a hitherto prosperous business employing about 500 people in Poplar Bluff, central United States.
The company, which manufactures nails, may simply have to go out of business because tariffs of 25% on steel imports which forced it to increase its prices to pbad on this extra cost.
For his part, the International Monetary Fund (IMF) once again expressed concerns Tuesday on US policy "that could have adverse effects beyond the economy of the world's leading power, provoking retaliation and undermining a multilateral trading system based on rules of openness and fairness." [19659003] C The warnings, however, leave the American president unmoved, who once again swept the arguments Tuesday in a tweet.
"The economy is probably doing much better than in the past, before we solve the problem of trade agreements inequalities with each country, "he said. "A majority of countries agree that they have to change but no one has ever asked for it," he added.
The day before, US Secretary of Commerce Wilbur Ross had, He argued that the forecast of the coming slowdown in US economic growth was "premature and probably inaccurate."
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