Money China vows to fight back as the trade war escalates

02:31  12 july  2018
02:31  12 july  2018 Source:   businessinsider.com.au

US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs

  US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs President Donald Trump's administration is nearing the release of a list of $US200 billion worth of Chinese exports to the US that could be subject to a new 10% tariffs.Load Error

China said it would counter U.S. protectionism "to the end, and at any cost," as a war of words over President Donald Trump’s proposed tariffs on Chinese imports escalated .

China has vowed to fight the U.S. at "any cost" as trade tensions escalate . President Trump threatened 0 billion in new tariffs on Chinese goods after

a man standing in front of a building© Provided by Getty

It's now safe to say that a trade war is underway between the United States and China.

Following the introduction of reciprocal tariffs on $US34 billion of the others imports on Friday, the US, as promised, has announced a new list of 6,000 Chinese goods, totalling $US200 billion, that may be hit with additional 10% tariffs by the end of next month.

China's Commerce Ministry has vowed to retaliate to the countermove.

"The Chinese side is shocked by the actions of the US," it said in a statement, according to a translation by Google.

"In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, have to make the necessary counter-measures."

Global economy 'under threat'

  Global economy 'under threat' World Trade Organization warns growth is in jeopardy as the number of tariff barriers doubles.In its most sober assessment of the growing tariff war between the US, European Union and China, the WTO said the global system of agreed trade rules was at "potentially large risk".

BEIJING (Reuters) - China ’s commerce ministry said on Thursday trade negotiations with the United States would be impossible as Washington’s attempts at dialogue were not sincere, and vowed to “If the United States takes any action to escalate the situation, China will not hesitate to fight back .”

WASHINGTON -- China vowed on Friday to fight the U.S. "at any cost" after President Trump proposed slapping an additional 0 billion in tariffs on Chinese goods in an escalating trade In Beijing, the Commerce Ministry said China doesn't want a trade war - but isn't afraid to fight one.

It vowed to immediately file an additional lawsuit against the US to the World Trade Organisation.

The Commerce Ministry also called upon the international community to "work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemonism".

"The behavior of the US is hurting China, hurting the world, and hurting itself," it said. "This irrational behavior is unpopular."

China Vows Fightback Against Trump’s Proposed $200 Billion Tariff Threat .
President Donald Trump is preparing to release a list of an additional $200 billion in Chinese products to be hit with tariffs, according to two people familiar with the matter.Beijing described the latest U.S. move as "totally unacceptable" bullying, and urged other countries to join China to protect free trade and multilateralism. China promised to lodge complaints at the World Trade Organization but didn’t detail what its retaliatory measures would be.

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