China blasts Trump's new tariff threat, warns it will retaliate

President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year

He said China's recent claims of "openness and globalization" are "a joke".

Navarro said the main problem regarding China's unfair trade practices stems from its targeting of the "crown jewel" of US technology.

US companies caught in the middle of the trade fight between the world's two biggest economies "are not immune" and could see their sales and earnings come under pressure if the situation worsens and commerce slows, Erlam said. "This would likely violate WTO rules, but I suspect China will care about violating WTO rules as much as Trump does". "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", Trump said in a statement.

He said the move would be in retaliation for China's decision to raise tariffs on $US50 billion in goods.

He noted that China's Ministry of Commerce has already promised to retaliate with "comprehensive quantitative and qualitative measures" if the USA imposes more tariffs. The tariffs were quickly matched by China on USA exports, a move that drew the president's ire.

ANALYST'S TAKE: "President Donald Trump's unwillingness to back down became apparent this morning, once again sinking markets", Jingyi Pan of IG said in a report. On Friday evening, China announced tariffs on U.S. products of an equal amount and implemented them on the same date (6 July) as the United States intends to implement tariffs on China. At a combined $450bn worth of goods tariffed, the U.S. will have placed tariffs on all but 10% of the $505bn worth of goods imported from China in 2017. "It's time, folks. It's time", Mr Trump said.

Economists are starting to warn that the tit-for-tat tariff threats between the United States and China, should they all be implemented, would meaningfully slow US growth.

It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review. It said with retaliatory tariffs imposed by American trading partners added in, the total rises to $181-billion, or 1 per cent of global trade.

The Intel logo is shown at E3, the world's largest video game industry convention in Los Angeles, California, U.S. June 12, 2018. Virtually all economists agree that restricting trade has damaging economic consequences for all countries that employ such policies, but the scale and the scope of the losses are potentially huge, not just for the USA and China, but also for countries not directly involved.

Apple's iPhones are assembled in China from parts manufactured in China, the US, and other countries, a process that could bring the tech giant into the forefront of the Trump administration's escalating trade actions against Beijing as well as China's retaliatory measures.

"We use American power, economic might and influence as a tool of economic policy", he said.

Some companies have reported Beijing is meeting with Chinese businesses to discuss shifting contracts for US goods and services to suppliers from Europe or Japan, or to local Chinese firms, Parker said. "We do our best to call out unfair economic behaviors as well".

The dollar fell against the yen in early Asian trade on Tuesday after U.S. President Donald Trump's threats of more tariffs on China raised worries about an escalating trade war between the world's two largest economies.

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