China says USA tariff threat runs against trend of the times

U.S.-China trade war back in focus

In early July, the USA government imposed 25 percent tariffs on an initial $34 billion of Chinese imports.

US President Donald Trump has escalated his trade war with China, ordering his administration to consider more than doubling proposed tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent, as talks between Washington and Beijing remain at a standstill.

"But dialogue must be based on mutual respect, equality, rules and credibility", said Geng. It will be September at the earliest before the US decides whether to impose those tariffs. This is on top of the new tariffs already imposed on $34bn worth of products from China, and an additional $16bn scheduled to go into effect soon.

Since the EU member states' trade with the US centers on different products and services, they reacted differently to the EU-US talks.

Wang said Beijing recognizes that the US side was trying to put pressure on China.

Despite last week's apparent cooling off of the trade tensions between the United States and Europe following Trump's meeting with the European Commission's Jean-Claude Juncker, the European Union clearly doesn't believe the agreement to work towards lower tariff barriers will hold. "Secondly, we advise the U.S.to be level-headed and avoid simply acting on impulse, otherwise it will ultimately hurt itself".

China's appetite for imported copper has yet to falter, however, with first-half imports of unwrought copper up 16.3 percent from a year ago, according to Chinese customs data.

Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures". The first wave of USA tariffs included a punishing 25 percent levy on Chinese imports valued at some $34 billion, a measure to which Beijing responded in like manner.

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"It's important that countries refrain from devaluing currencies for competitive purposes", a senior administration official told reporters.

Investors fear an escalating trade war between Washington and Beijing could hit global economic growth, and prominent US business groups, while tired of what they see as China's mercantilist trade practices, have condemned Trump's aggressive tariffs.

"With the U.S. threatening to increase tariffs to 25 per cent from 10 per cent and the Chinese vowing not to react to "blackmail" to get them back to the negotiating table, this could be the catalyst that tips sentiment and some markets into a tailspin to the downside, especially as we enter the lower liquidity holiday trading season".

The comment period on the proposed penalties, which includes public hearings where business can ask for exemptions, due to take place later this month, would be extended into September, the officials said.

Lighthizer noted that if tariffs are increased to 25 percent, they would be applied to the proposed list of products that were announced on July 10.

Oil prices rebounded slightly after falling sharply Wednesday in response to a jump in U.S. crude stockpiles and reports that output by Opec and Russian Federation increased in July. "China's position is very firm and clear and has not changed".

"Now, the United States coerces and pressures others unilaterally".

Besides, the Economic Partnership Agreement signed by the European Union and Japan on July 17, too, suggests trade conflicts between the developing and developed economies will likely intensify in the future, which would severely affect China.

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