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BEIJING – Three months of rhetoric have become reality.
The United States imposed the first $ 34 billion worth of Chinese goods on Friday, and China immediately responded by launching a trade battle that, analysts say, could shake markets and hinder global business. , she accused the United States of violating the rules of the WTO and triggering "the biggest trade war of economic history to date".
"To defend the fundamental interests of the country and the interests of the people, we are forced," said the Chinese Ministry of Commerce in a statement.
The Asian nation imposed taxes on an equal amount of US goods, including commodities such as soybeans, corn, pork and poultry – a decision that President Trump could impose on $ 500 billion dollars.
Financial games have raised concerns about rising costs for a wide range of products
"For industries directly affected by tariffs, the impact will be immediate and significant," said Yanmei Xie , a Chinese policy. analyst at Gavekal Dragonomics, an economic research company in Beijing.
But that's the risk of escalation – especially Trump's $ 500 billion threat, which would cover almost all of China's exports to the United States – which analysts worry about. "The countdown is on what Trump will do next."
On the Chinese side, the effects of the first round of tariffs were perceived as difficult but manageable.
"The key is knowing there will be more – a second round of retaliation and retaliation and a third round," said Shi Yinhong, professor of international relations at Beijing Renmin University. .
[U.S. levies tariffs on $34 billion worth of Chinese imports]
Despite frustration with Chinese business practices that require foreign companies to disclose trade secrets to the 1.3 billion-strong market, US companies have warned for months that Trump's commercial threats could do more. harm than good.
"There are no winners in a trade war," said William Zarit, president of the US Chamber of Commerce in China, in a statement released moments before the 12:01 deadline in Washington.
"Although our 900 member companies continue to suffer from unequal opportunities in China, they remain extremely clear: increased tensions in Sino-US economic relations will have a negative impact on their operations in China," did he declare. 19659014] Some seasoned Chinese observers predict that Beijing's tactics could go beyond tariffs to include arbitrary quarantines and costly customs inspections, among other regulatory issues
Shaun Rein, China's chief executive officer Market Research Group in Shanghai. The next action of the government could be to stir up anti-American sentiments among consumers – like the boycotts ordered last year by Lotte Group in South Korea, which did close dozens From convenience stores to the business
"If I were Starbucks or Apple," he said, "I would be scared right now. "
[U.S. and China are on the brink of a trade war. Here’s how it got to this point.]
Asian markets have collapsed in recent weeks in the midst of commercial battles, but on Friday, major Asian trade closed higher, with some traders claiming that US tariffs had been taken into account.
Shanghai Composite index rose slightly, and the Japanese Nikkei closed up 1.1% .The tariffs strike in other ways.Trump has been dedicated for years to attack to Chinese business practices, accusing Beijing of stealing US intellectual property and slammed the US $ 375 billion trade deficit with the country.
He argues that China should buy more US goods, and has accused the trade with Beijing on the loss of US jobs throughout the Rust belt. (Economists say that globalization and the rise of automation have reduced the genr e of manufacturing operations that American companies have done in recent years.)
At a rally on Thursday in Montana, Trump doubled his position that China is "killing us"
Chinese authorities plan to show confidence that the Asian nation is better equipped to withstand turbulence.
"Our commodity and labor market are relatively flexible and our foreign economic sectors" The ability to make flexible adjustments is more important, "said Guo Shuqing, chairman of the Banking and Insurance Regulatory Commission from China, in an interview Thursday with the Chinese financial newspaper Financial News
returning from its economic growth – and promised to move them to go forward.
"Whether through war or other means, the ultimate goal is to make China subservient to the United States, "said He Weiwen, vice president of the Center for China and Globalization in Beijing." C & # Is impossible. China will not accept that, "he said, adding that" what happens next depends on the United States. China will be ready to follow suit. "
Meanwhile, in US and Chinese ports, freighters dock in a new world of financial consequences.
Internet watched the voyage of a ship to Dalian Harbor in Liaoning Province. Peak Pegasus, which was carrying soybeans, accelerated to reach its destination on Friday morning before China applied tariffs that would increase the cost of its load by 25%.
It's unclear whether the ship beat
Luna Lin, Amber Ziye Wang and Yang Liu in Beijing contributed to this report
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