China vows retaliation as trade war starts

China Warns US'Opening Fire On World With Tariff Threats

China Warns US'Opening Fire On World With Tariff Threats

A statement from the Chinese Commerce Ministry denounced USA actions as "a violation of world trade rules" and warned that the current dispute between both countries was launching the "biggest trade war in history".

Some of Trump's fellow Republicans in the U.S. Congress lashed out at his actions.

Terming the manufacturing of flags for Trump's 2020 bid as "completely normal", he said, "That is trade".

BEIJING, July 6 - China said today it was "forced to take necessary countermeasures", after Washington launched what Beijing called "the largest trade war in economic history", imposing tariffs on billions of dollars in Chinese imports.

Ahead of the planned tariffs, China said that the "US is opening fire on the entire world, including itself".

Beijing said it would be "forced to make a necessary counterattack" after USA tariffs on $34bn of Chinese goods came into effect.

The back-and-forth trade battle between the world's two largest economies will likely be damaging to the U.S. economy according to trade experts, ths fact was not lost on the Chinese.

"Consumers will not only be helpless, but will also harm the interests of American businesses and people", the statement said.

Earlier on Friday, President Donald Trump followed through with tariffs on $34 billion worth of Chinese products early Friday, prompting in-kind retaliation from Beijing.

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Notably, after Europe announced it would tax quintessentially American exports like orange juice, peanut butter and Harley-Davidson motorcycles, Harley-Davidson said it would move production of its Europe-bound bikes overseas to avoid the tariffs. The tariffs are created to hurt parts of the USA that are politically aligned with Trump.

American companies doing business in China are particularly anxious.

The impact is already being felt in the markets. Others say they are turning their focus to Chinese consumers. "So we have 50 plus 200 plus nearly 300", Trump told reporters aboard Air Force One. China is raising United States soybean tariffs to 28%, up from basically zero percent all the while offering other nations a completely duty-free soybean import tariff rate of 0%.

While Chinese state media have slammed Trump's trade policies and on Friday likened his administration to a "gang of hoodlums", the simmering conflict has gained little traction on China's tightly controlled social media, not cracking the 50 top-searched topics on the Twitter-like Weibo platform. Trump's attempt to use the steel and aluminum tariffs to pry concessions from the Mexicans and Canadians proved futile.

"If we can seize our own market, we will be less affected by the trade war", said a spokesperson for Topsun, a furniture manufacturer in Zhejiang province. He told CNBC that there may be no way to escape a trade war with China.

Consumer Technology Association: "While President Trump says his trade policy is meant to punish China, the numbers show that, in reality, USA businesses, workers and consumers will pay the price under this policy", said Sage Chandler, the group's vice president for global trade. It accused the US of igniting "the biggest trade war in economic history".

As the deadline approached with little sign of a last-minute deal, USA stocks pared gains.

In the past, the U.S. used its clout to win trade skirmishes with developing countries, said James Boughton, a senior fellow at the Centre for International Governance Innovation in Waterloo, Ontario. In a tweet last month, he complained about European Union trade barriers and warned that "if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!"

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