Chinese state media slams Trump for ‘extortion’ in trade dispute

US EU forming'united front against China

US EU forming'united front against China

"China's countermeasures are rational", the Global Times, a tabloid run by the official People's Daily, said in a commentary.

"My objective was quite straightforward: I think I need to inform him that we are very concerned", said Saifuddin.

China earlier announced it has prepared a list of $60 billion worth of US goods to hit with duties should the USA follow through on a plan to impose tariffs on an additional $200 billion of Chinese goods, as early as next month.

While a strong US Dollar combined with a weaker Yuan will make many Chinese goods on the US market still highly competitive in terms of pricing in spite of tariffs, an equal and opposite effect is being felt by US producers whose warehouses of goods that would have normally been shipped off to China are now left to rot.

China, however, shows no sign of bending to Washington's pressure.

It is indeed due to the lack of meaningful consultation between China and the US that Beijing has made a decision to elevate the stakes in a manner that is directly reflective of Donald Trump's unwillingness to negotiate a new era in Sino-US trading relations on a win-win model.

One Mahoning Valley expert said the Chinese tariffs would have a negative impact on businesses in the region. This would impact $200 billion worth of Chinese imports into the U.S. annually.

Ford and General Motors lowered profit forecasts for 2018, citing higher steel and aluminium prices caused by new USA tariffs. Not actual tariffs, in other words, but to get Trump to retract his threat to perhaps introduce them.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

China immediately expanded its own list of types of US products to be tariffed, including farm products, cars and crude oil.

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Full lists of US products subject to different levels of additional tariffs are available on the website of the Ministry of Finance. China instead is threatening roughly two-fifths of its USA purchases after Trump threatened two-fifths of China's much larger exports to the US, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.

Throughout all of this, the United States continues to criticise China's trade practices as "unfair" because of the domestic win-win relationship between central government and private producers.

This is false, and not how tariffs work. He then threatened hundreds of billion in tariffs on world auto parts imports, targeting Europe.

China has now either imposed or proposed tariffs on $110 billion in US goods, representing the vast majority of China's annual imports of American products. Every country on earth wants to take wealth out of the USA, always to our detriment.

In terms of Trump's claim that money raised from the tariffs will help pay down the debt, the United States has a debt of over $21 trillion.

Leaders of the European Union have agreed to begin negotiations with the White House that would include buying more soybeans and energy products in exchange for discussions that could lead to a suspension of steel and aluminum tariffs, but those talks have only just begun and the parameters are unclear.

"Ironically some of the hardest-hit companies are American or producing in the USA, even though the tariffs imposed by the U.S. are meant to help domestic companies", says Ms Baisden. Other emerging market economies will have no choice but to follow China's devaluation lead.

"For decades, our politicians allowed other countries to steal our jobs, plunder our wealth, and loot our economy", Trump said.

The People's Bank of China will impose a reserve requirement of 20 percent on some trading of foreign-exchange forward contracts, according to a statement on Friday evening. But Trump's Twitter posts Saturday evening reflected a much different mentality and suggest that the president prefers a much different strategy than one that resembles free trade.

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