China warns of 'counterattack' as United States tariffs take effect

US plans to go ahead with tariffs on $34 billion of imports from China on Friday

Beijing insists it's the injured party.

"The United States will be opening fire on the whole world and also opening fire on itself", said China's Commerce Ministry spokesperson on Thursday, reiterating that Beijing will fight back.

Trump has threatened to progressively ratchet up USA penalties to a total of $450 billion in goods - which would represent the lion´s share of all of China´s exports to the United States.

But the tit-for-tat measures have escalated the trade dispute between the world's two largest economies and the world's commodities markets are increasingly embroiled in the bust-up. The U.S. government is afraid China is pursuing this in an unfair way.

But Shaun Rein, founder of China Market Research Group and author of the book "The War for China's Wallet", told us he has a different take on this situation.

And Beijing's tactics may go beyond tariffs to include arbitrary quarantines and a costly uptick in customs inspections.

At 12:01 a.m., the US slapped a 25 percent tax on $34 billion worth of Chinese imports. It said they would damage the global economy unless other countries stop them. "I think products made in China are the best", said one shopper in a Beijing grocery story, who gave his name as Yang. The President and his aides clearly feel they have the upper hand in forcing Beijing to address the $375 billion trade deficit by buying more American goods to level the playing field.

"You have another 16 [billion dollars] in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. OK?" Trump said. "So we have 50 plus 200 plus nearly 300".

That amount is higher than an earlier threat from Trump to target as much as $450 billion of Chinese exports.

The Collapsing Kentucky Bourbon Warehouse Is No More
According to its website, the Barton 1792 Distillery had 29 barrel aging warehouses on its property before the accident. Its not clear how numerous estimated 18,000 barrels that had initially been in the warehouse will be salvageable.

That would bring the total of targeted Chinese goods to $550 billion - more than the $506 billion in goods that China shipped to the United States previous year.

"China is the largest trading partner with the Port of Oakland and our exporters and importers are concerned about the potential effect of a trade war", said Mike Zampa, the Port of Oakland Communications Director. Chinese tariffs will reportedly target USA products such as soybeans, seafood and crude oil.

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union. Trump has also spoken about slapping tariffs on imported cars, trucks and auto parts, which General Motors has warned could hurt the US auto industry and drive up vehicle prices. "It's very hard to see this happening in the current environment".

A member of China's central bank monetary policy committee, Ma Jun, said today that the first punches will have a "limited impact" on the Chinese economy.

On July 2, the U.S. Chamber of Commerce issued a study outlining the state-by-state impact of retaliatory tariffs from China and other countries.

U.S. Customs and Border Protection said in a notice it would begin collecting the 25 percent duties on 818 product lines identified in June by the U.S. Trade Representative's Office.

"We can probably say that the trade war has officially started", said Chen Feixiang, professor of applied economics at Shanghai Jiaotong University's Antai Colege of Economics and Management. "We urge the two governments to come back to the negotiation table".

International Monetary Fund chief Christine Lagarde has already sounded the alarm about the cycle of retaliation, saying it would only create "losers on both sides".

Related news:

Hot News

Thunder Working On Parting Ways With Carmelo Anthony Via Trade, Stretch Provision
Jul 07, 2018 - 01:20
The stretch provision is a rule that enables teams to spread a waived player's salary cap hit over multiple seasons. Marc Stein of the New York Times reports the Houston Rockets will pursue Anthony if he's bought out.

isis-killer-beheading-video-story-top Lab-made embryos may save near-extinct rhino species
Jul 07, 2018 - 01:01
In total, Hildebrandt and his colleagues created four hybrid embryo, the Northern white Rhino - two males and two females. The eggs, known as oocytes, were taken from southern white rhinos given the dwindling number of available NWR eggs.

isis-killer-beheading-video-story-top Elon Musk offers to help Thai cave rescue
Jul 06, 2018 - 23:37
The billionaire entrepreneur said this would create an underwater air tunnel with the ability to "auto-conform to odd shapes". The project met its deadline which, if it had been missed, Musk had said would have cost him "probably $50 million or more".

isis-killer-beheading-video-story-top North Korea said to scheme to keep nukes
Jul 06, 2018 - 22:50
US National Security Adviser John Bolton speaks during a press conference in Moscow, on June 27, 2018. The joint statement, however, gave no details on how and when Pyongyang would relinquish its weapons.

isis-killer-beheading-video-story-top China PM warns 'China will take measures in response' to tariffs
Jul 06, 2018 - 21:11
From blue jeans to motorbikes and whiskey, the EU's hit-list of products targeted the most emblematic of American exports. US officials and business owners have warned Trump that the tariffs will be a major hit to American companies.

isis-killer-beheading-video-story-top Microsoft Rewards app is now available for everyone on Xbox One
Jul 06, 2018 - 21:02
As an added bonus, Groups will be tied to your Xbox Live account and will automatically sync across multiple Xbox One consoles. The catch is that the feature is only available right now on certain English-language titles in the Game Pass catalog.

isis-killer-beheading-video-story-top Fortnite Confirms Playground Mode Will Be Permanent, Not a Limited Time Mode
Jul 06, 2018 - 20:59
It's going away so Epic can "take it back under construction" before presumably bringing it back with some changes. Another adds: "Yeah, it would be cool to be able to save some of these maps so they can be used again".

isis-killer-beheading-video-story-top Idris Elba Cast as Villain in Hobbs and Shaw Fast & Furious Spinoff
Jul 06, 2018 - 20:26
The movie, coming in 2019, will star Dwayne Johnson and Jason Statham as their popular characters Luke Hobbs and Deckard Shaw . Johnson will produce alongside his Seven Bucks Productions partners Dany Garcia and Hiram Garcia, Statham, Neal H.

isis-killer-beheading-video-story-top Love at first flight: Seat swap leads to viral love connection
Jul 06, 2018 - 20:12
After taking a trip to the bathroom together , the loved-up strangers were overheard discussing what they wanted out of life. Soon, it seemed that nearly everyone on the plane was rooting for them, with one young toddler waving at them continually.

isis-killer-beheading-video-story-top IRGC Chief: Strait of Hormuz either for All or for None
Jul 06, 2018 - 19:28
Since Trump's announcement, Iran's rial currency has fallen, prices have risen and the country has been hit by street protests and strikes.

isis-killer-beheading-video-story-top "Explain Nerve Agent Attack":Britain To Russia
Jul 06, 2018 - 18:25
A March assessment by the British government found that the Russian state was most likely responsible for the Skripals' poisoning. Counter-terrorism police took over the investigation on Wednesday after the exposure to Novichok was confirmed.

Dallas woman goes viral after playing matchmaker on plane
Jul 06, 2018 - 17:43
A seat swap on a plane led to a viral moment and possibly a romantic connection for the internet ages. The guy, Euan Holden , is now dubbed as the "Plane Bae".

isis-killer-beheading-video-story-top EPA Chief Scott Pruitt Resigns, Trump Tweets
Jul 06, 2018 - 17:28
Pruitt was a former Oklahoma attorney general who filed a number of lawsuits against the EPA, according to the agency's website. Pruitt, a close ally of the fossil fuel industry, also was known for questioning the human role in global climate change.

isis-killer-beheading-video-story-top Galaxy Note 9 S-Pen could control your music
Jul 06, 2018 - 17:12
The semiconductor business forms the largest portion of Samsung's profit. The won may also help Samsung to bounce back in the second half.

isis-killer-beheading-video-story-top Novak Djokovic's comeback continues with first round Wimbledon romp
Jul 06, 2018 - 16:41
Marin Cilic crashed out of Wimbledon on Thursday after suffering a five-set rain-interrupted defeat to Argentina's Guido Pella. And the world number 82 held his nerve to convert his fourth match point and win 3-6 1-6 6-4 7-6 (7-4) 7-5.