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China retaliated after the entry into force of US tariffs on Chinese products and President Donald Trump threatened to impose more.
US President Donald Trump says that America could target Chinese goods.
Photo: AFP
The Chinese Ministry of Commerce has filed a new complaint with the World Trade Organization (WTO).
Meanwhile, Russia has announced additional duties on US imports.
Beijing accused the United States of having triggered the "biggest trade war of economic history".
US duties on 34 billion US dollars of Chinese goods came into effect on Friday.
China retaliated by imposing the tariff on 545 US products – including cars, soy beans and lobsters – also rises to $ 34 billion.
Russia introduces additional duties on a range of products imported from the United States. 19659006] They include road construction equipment, products for the oil and gas industry and tools used in mining.
million. Trump has already imposed tariffs on imported washing machines and solar panels. aluminum from the European Union, Mexico and Canada
US tariffs imposed to date would affect the equivalent of 0.6% of world trade and would represent 0.1% of world GDP, according to Morgan Stanley.
The US President said that America could target Chinese goods worth US $ 500 – the total value of Chinese imports in 2017.
The White House had previously announced that it would consult on duties on another $ 16b of products, which Mr. Trump suggested came into force this month.
million. Trump said, "You still have 16 [billion dollars] in two weeks, and then, as you know, we have $ 200 billion outstanding, and after the $ 200 billion, we have $ 300 billion outstanding. "So we have more than 200 and more than 300."
US tariffs are the result of Trump's attempt to protect US jobs and stop what happened. he calls "unjust transfers of US technology and intellectual property to China". "The trade war will never be a solution," said Chinese Premier Li Keqiang. "China will never start a trade war, but if a party resorts to an increase in tariffs, China will take steps to protect the interests of development."
"The Trump administration behaves like a gang of thugs with its shakedown from other countries, especially China."
Russia says US tariffs on steel and aluminum, introduced in March, will cost Bank of America Merrill Lynch analysts predict only a modest escalation in the battle between US and China, adding: "However, we can not rule out a real recession crisis." Trade war. "
Rob Carnell, chief economist for Asia at ING, said: "This is not economic armageddon.We will not have to chase our food with sharp sticks."
"But it applies the brakes to a global economy that has a less dynamic durable than what seems to be the case. "
Carmaker BMW said that it could not absorb all of the 25 percent tariff on cars, it exports to China from a factory in Spartanburg, South Carolina and expected to increase prices.
– BBC
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