On top of its existing 12 percent tariff and 10 percent value-added tax, China implemented an additional 25 percent tariff on USA pork products on April 2 in response to US tariffs on imports of Chinese steel and aluminum. But it is expected to quickly retaliate with a similar amount of tariffs on American goods, including soybeans, electric cars and whiskey.
"We agree with nearly all the complaints the U.S. has against China, it's just we don't agree with how the United States is handling it", another diplomat said. The company said in a Securities and Exchange commission filing that the tariffs "would have an immediate and lasting detrimental impact to its business in the region". In 2017, almost one in every three rows of harvested beans shipped to China.
Beijing accused the United States of starting the "largest trade war in economic history". But the thing is some say the trade war started this morning, and in a war, it's not always calm or controllable or rational.
The Trump administration is confronting China over tactics it says include stealing technology and pressuring foreign companies to hand it over as the price of admission to China's vast market.
China already has announced it will respond in kind on the same schedule as the United States while President Donald Trump has countered with a threat to double down by progressively racketing USA penalties up to a total of $450 billion in goods - which would represent the lion's share of all of China's exports to the United States.
Also China Daily: "The Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China".
ANALYST'S TAKE: "We are now two steps removed from the worries of trade tensions as the tariffs deadline looms, locking equity markets in a lackluster trading tone", said Jingyi Pan of IG.
So Trump should push, but he can't go too far, because at the end of the day, it's the American consumer who's going to get hurt the most.
As the world's most developed nation and the rule-maker of the current global governing system, there is "astounding absurdity" in the U.S. complaining that it's been bullied in trade, the People's Daily, the flagship newspaper of the Communist Party of China, said in a Chinese language commentary on Friday.
In the wake of competing news, stock markets have ticked higher with the Dow Jones Industrial Average up 135 points as of this writing.
"This is not economic Armageddon".
European envoys say they already sensed a greater urgency from China in 2017 to find like-minded countries willing to stand up against Trump's "America First" policies. They range from robots, to aircraft parts, to automobiles. But some products, including thermostats, are lumped into intermediate and capital goods categories. "We do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said Gao Feng, spokesman for China's commerce ministry.
USA pork was already saddled with duties enacted in an earlier round of the trade row and now faces an extra 25 percent tariff that would raise the total charges up to 62 percent.
President Trump announced the tariffs in June and since then the US and China have been locked in a series of threats and negotiations that have rattled markets.
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