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China promises retaliation for $ 200 billion US tariff threat
The Chinese government pledged on Wednesday to take "firm and energetic measures" against US threats to increase tariff increases on thousands of products such as fish sticks, apples and French doors while their trade dispute is over. 39; intensifies.
but earlier threatened "global measures" if Washington took more action. This has raised fears that Beijing, lacking imports for retaliation because of its unbalanced trade balance with the United States, could attempt to disrupt the operations of US automakers, retailers and others who consider China as a key market. the policy threatens to slow global economic growth. It follows from Washington's claim that Beijing steals or forces companies to give up technology and fears that the development plans of Chinese champions in robots and other fields will erode US industrial leadership.
by the US Trade Representative targets a list of 200 billion dollars of Chinese products. Four days after Washington added 25 percent of $ 34 billion worth of Chinese goods, Beijing responded by raising taxes on US imports.
The brutal escalation is "totally unacceptable". He said Beijing would take "necessary countermeasures" to protect its "fundamental interests".
Asked what Beijing would do, Foreign Ministry spokeswoman Hua Chunying said, "We will take firm and energetic action." [19659004L'USTRadéclaréqu'ilréagissaitàladécisiondePékinderiposteraulieudechangersespolitiquesLeprésidentDonaldTrumpamenacédestarifsplusélevéssurplusde500milliardsdedollarsdemarchandisessoitpresquetouteslesexportationsannuellesdelaChineverslesÉtatsStates
L & # 39; USTR will accept public comments and hold hearings of August 20 to 23, 31, according to a US official who briefed reporters on condition of & # Anonymity
The first US tariff schedule focused on Chinese industrial products, an attempt to reduce the direct impact on US consumers
. cleaners, furniture, auto and bicycle parts, French doors and plywood. He left smartphones and laptops untouched in the United States
"This will hit China's export sector hard," said Rajiv Biswas of IHS Markit in a report
. According to a report by Vishnu Varathan of the Mizuho Bank
China bought $ 130 billion worth of US goods last year. Both governments have increased the $ 34 billion rights on everyone's goods and have already stated that they are considering additional fees for an additional $ 16 billion. That would leave China only $ 80 billion for further retaliation.
Instead, its highly regulated economy gives Beijing tools to disrupt US corporate operations. Regulators can refuse or cancel licenses or block companies by launching tax, environmental or anti-monopoly investigations.
Companies are monitoring the US chip maker Qualcomm Inc., which has waited months for Chinese regulators to decide to allow its $ 44 billion. acquisition of NXP Semiconductors. All other major governments have approved the agreement.
The economic impact of the conflict is already spreading.
The Chamber of Commerce of the European Union in China said this week that its member companies are reorganizing the global flow of their goods to ensure any link for the US does not go through China .
Congressmen are increasingly questioning Trump's tactics. They warned that tariffs on imports would raise consumer prices and expose American farmers and manufacturers to retaliation.
"Tonight's announcement seems reckless and is not a targeted approach," said Orrin Hatch. The two parties last met on June 3 when Trade Secretary Wilbur Ross traveled to Beijing to meet with Deputy Prime Minister Liu He. They gave no indication of the date of their next meeting.
Chinese leaders tried unsuccessfully to recruit support from Europe and other governments. They criticize Trump's tactics, but share US complaints about Beijing's industrial policy
Investors had taken the trade war but Tuesday's announcement seemed to weaken this optimism.
The main Chinese stock index lost Wednesday 1.8% and the Japanese market benchmark index fell 1.1%. Hong Kong's main index lost 1.3%
The dispute is "far from over," warned Hannah Anderson of JP Morgan Asset Management in a report, "and the l & # 39; impact will be global. "
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