Donald Trump says tariffs 'working big time'

Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

China instead is threatening roughly two-fifths of its USA purchases after Trump threatened two-fifths of China's much larger exports to the United States, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.

President Donald Trump this week ordered officials to consider imposing a 25 per cent tax on US$200 billion worth of imported Chinese goods, up from an initial 10 per cent rate.

Beijing fought back with matching tariffs on the same amount of US exports to China.

Paglia said Ohio Star Forge primarily exports to countries covered by the North American Free Trade Agreement - Canada and Mexico - but could feel the indirect results of the Chinese tariffs, because some of their products are exported to China by their customers.

Beijing has insisted its measures are "rational" and warned the USA its tactics would not work.

White House press secretary Sarah Huckabee Sanders told reporters Friday that "instead of retaliating, China should address long-standing concerns about its unfair trading practices".

"The White House's extreme pressure and blackmail are already clear to the global community", said a state television commentary.

In thinking that China will be "broken" by United States tariffs, Donald Trump's nation is rapidly learning that a mutually disadvantageous trade war is far more disadvantageous to U.S. businesses than to Chinese industries.

-China trade at the Chinese Academy of Social Sciences in Beijing, said the tensions had reached a "critical moment". And U.S. pork and recycled aluminum was hit with a 25 percent tariff.

According to China's Ministry of Commerce, the measure will come into force immediately if Washington starts to impose taxes on Chinese imports.

"As the 'tit-for-tat" trade war continues, global markets appear to show resilience against any major moves by either the USA or China and the tariffs they are placing.

Beijing threatened Friday to bring in the levies on products ranging from beef to condoms, after US President Donald Trump's administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion.

The United States alleges that China steals USA corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.

August's imports are likely to be around 150,000 tonnes, with two vessels heading from the United States to China, roughly matching the two cargoes offloaded in both June and May, but well below this year's peak of seven, in January.

President Trump has used tariffs and the threat of new tariffs against countries - particularly China - as part of his economic policy, in an attempt to renegotiate trade deals.

Liang stressed that U.S. consumers would ultimately pay the price for Trump's irrational trade policies, pointing out that the United States imports its nitrosamines, an industrial raw material, from China.

An array of USA farm exports, chiefly soybeans, already are under Chinese tariffs.

Why is China threatening more tariffs?

Beijing responded by imposing similar charges on the same amount of USA products.

"Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S. Time will prove that the USA eventually makes a fool of itself", the paper said.



Other news