China Warns of 'Countermeasures' in Response to New US Tariffs

Trump hits China with $200 billion in tarrifs and threatens more if Beijing retaliates

The original justification for the U.S. tariffs was supposed to be Chinese violations of United States intellectual property, explained Derek Scissors, an expert on China's economy and USA economic relations with Asia and a resident scholar at the American Enterprise Institute. "We deeply regret this".

China's foreign ministry vowed Monday to strike back if Trump presses ahead with plans to impose duties on another $200 billion in Chinese imports, which would leave about half of everything the United States buys from China subject to tariffs.

At the root of the trade war are USA complaints about China's plans to try to overtake United States technological supremacy.

Amid continued trade tensions with the world's second largest economy, Trump "has not been satisfied with the talks with China on this (and) my guess is announcements will be coming soon", economic advisor Larry Kudlow said earlier Monday on CNBC.

Analysts said Xi's defiance reflects his desire to present China to the world as a superpower.

"China has had many opportunities to fully address our concerns", Trump said in a statement.

Trump made the accusations in a pair of Twitter posts as the two sides launched new trade tariffs in an escalating trade dispute. And in a victory for Apple Inc., the administration removed smart watches and some other consumer electronics products.

That would raise the total affected by U.S. penalties to Dollars 517 billion, covering almost everything China sells to the United States.

At nearly the same time the tariff list was released in Beijing, President Donald Trump on Tuesday threatened more counter-measures against China if it targets politically potent US agricultural products for retaliation.

USA steel production is over half what it was in the early and mid 1970s. It brings all Chinese imports subject to added tariffs to $250bn, roughly half of China's shipments to the USA a year ago.

At the same time, the administration said it is still open to negotiations with China.

"That's why we continue to urge everybody, whether they are those who engage in market distorting subsidies, or whether they are those who might talk about or pursue multi-lateral tariff actions, to think carefully about the consequences of doing so".

Treasury Secretary Steven Mnuchin had invited the negotiators to Washington this week to resume talks.

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"It appears that the administration responded to some industry concerns, but for many American businesses and consumers this still represents a rapid acceleration of costs and much higher uncertainty", said Rufus Yerxa, president of the National Foreign Trade Council.

Trump's announcement landed in China on September 18, a day considered the start of Japanese aggression 87 years ago and an anniversary some Chinese see as an informal day of national humiliation.

"Although the Prime Minister is about to head off to NY that is not Washington - she is not visiting America, she is visiting the United Nations".

US President Donald Trump threatened in July to impose tariffs on thousands of Chinese products as the US seeks to overcome a US$376 billion trade deficit between the countries, and to discourage what he says are unfair trade tactics used by the Chinese government.

China has maintained that it is well positioned to withstand blows in a geopolitical tussle, even as the nation's growth is projected to slow this year.

The Finance Ministry said it was going ahead with plans announced in August for the increases of 10 per cent and 5 per cent on 5,207 types of USA goods. "However, it will also hurt China itself".

After months of failed trade talks, top officials from China and the United States were tentatively scheduled to talk this month in Washington.

But the news sent Chinese stocks tumbling more than one percent on Monday, with the benchmark Shanghai Composite Index falling to 2,651.79, the lowest level since 2014.

Beijing has warned that it would hit an additional $60 billion in American goods if Trump ordered more tariffs.

The US-China trade war could have some impact on the prices Kiwi pay for goods due to the interconnected nature of global supply chains, an expert warns.

"The Chinese authorities likely feel no urgency to give in and agree with all the terms the US side requested", Zhiwei and Yi wrote.

Global markets reacted to the latest trade war escalation with relative calm.

"Our concern with these tariffs is that the US will be hardest hit, and that will result in lower USA growth and competitiveness and higher prices for US consumers", Apple said earlier in a letter commenting on the proposal.

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