China said it doesn't fear a trade war with the USA and announced plans for reciprocal tariffs on $3 billion of imports from the United States in the first response to President Donald Trump's ordering of levies on Chinese metal exports.
Trump, who earlier this month announced steep tariffs on steel and aluminum imports to the United States, also wants the Chinese to take action that would lower the $375 billion goods trade deficit that the United States is running with China.
It said it has compiled a list of 120 products worth almost $1 billion, including fresh fruit and wine, upon which it would impose a 15 percent tariff if the two countries fail to resolve their trade differences "within a stipulated time".
In a second phase, a 25 percent duty would be imposed on a eight goods totalling almost $2 billion, including pork and aluminium scrap, after "further evaluating the impact of the U.S. measures on China", it said in a statement. The measures, or the suspension of tariff concessions, will target 128 items including pork, wines and seamless steel tubes, the Ministry of Commerce said. Then he announced the steel and aluminum tariffs, saying reliance on imported metals jeopardizes US national security.
China will also pursue legal action against the U.S.at the World Trade Organization in response to the U.S.'s planned tariffs on steel and aluminum imports, the statement said, and called for dialog to resolve the dispute.
In the first stage, the 15-per cent tariff will be imposed if the two countries could not reach an agreement on trade issues within scheduled time. They say this is Trump being Trump: He is making headlines with the tariffs in an effort to achieve his real goal of renegotiating trade deals with many countries.
"Trump's tariff plans have created uncertainty and put global stock markets under pressure", says Nigel Green, founder and CEO of deVere Group, a United Kingdom -based investment firm.
With a 15-day leisure period until the president must present a list of products affected by his affixed regulations, the Chinese government denies the allegations against it. It doesn't mean even a trade war.
"Until the Trump administration articulates those concerns and how China can address them, it's going to be very, very hard for China to make those changes", said Parker.
Arriving at a European Union summit, German Chancellor Angela Merkel said "thanks" to Malmstrom "for holding intensive talks with the United States and we will see what the result is".
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Following a thorough analysis of available evidence, USTR, with the assistance of the interagency Section 301 committee, prepared findings showing that, among other acts, policies, and practices, China uses discriminatory licensing requirements to transfer technologies from USA companies to Chinese companies.
Chinese purchases of those goods a year ago totaled $3 billion, the ministry said.
Speaking from China, Trade expert Stephen Jacobi says New Zealand businesses shouldn't panic just yet.
U.S. wine exports to China previous year were $79 million, according to data from the U.S. Wine Institute, which represents Californian wine makers.
The U.S. steel and aluminum tariffs also have irked Japan, America's closest ally in Asia.
When tech companies use contract electronics manufacturers to keep prices competitive, that gives the contractors more know-how, the official said. Previous year alone, the totals were 3.9 million for China - or nearly 39 per cent of its global total - and just 3 million in the US. It held $1.17 trillion in Treasuries as of January, or about 19 percent of all foreign holdings of USA government securities.
"China's response should follow the principle of a precision strike", wrote Mei Xinyu, a researcher at a Commerce Ministry think-tank in an opinion piece for China Daily.
"Each of these countries has an important security relationship with the United States", a proclamation from Trump announcing the steel decision said.