China tries to ease fears that Beijing may target USA firms
06 July, 2018, 02:14 | Author: Shawna Walton
China responded by threatening tariffs on $50 billion worth of USA exports to China, mostly aimed at agricultural goods.
China cannot match Trump on tariffs - it imported $130 billion in goods from the United States previous year, compared with America's $505 billion in purchases from China - but it can apply other forms of pressure, analysts say. Longer-term trends are a factor, but uncertainty over trade is taking a toll, analysts say.
The imposition of tariffs is expected to prompt an immediate response from China, with the Chinese government expected to target United States imports valued at roughly the same amount as those aimed at by the Trump administration.
"These tariffs target the vital parts and components used in equipment manufacturing throughout the U.S.", Slater said.
Trade nerves had pegged Asia's bourses back with a US deadline to impose tariffs on Chinese imports just a day away, but it was another widely-flagged target - the German auto sector - that spurred Europe's rally and pushed up Wall Street futures.
It fueled the wider European auto sector's best day in more than two years with the mood also been helped by a stronger-than-expected jump in German industrial orders after four months of falls.
"There is a chance the company will lose money and might go bankrupt", said Tong.
The spokesman added that the "US is shooting itself in the foot and hurting the world" with its tariff hikes. "I will do whatever I can, including layoffs".
Prices are rising, especially for steel and aluminium, and companies are starting to feel reticent about investments or planning to shift production overseas to avoid retaliation against USA exports.
In addition to the first tranche of tariffs going into effect Friday and the second coming in weeks, Trump has continued to threaten more action against China unless the country shrinks its trade imbalance with the US. Officials in Beijing reject accusations of theft and say foreign companies have no obligation to hand over technology. "We absolutely will not fire the first shot, and will not implement tariff measures ahead of the United States doing so", it said, without elaborating.
"Although we do not believe China will weaponize its currency, we do believe the current trajectory of Chinese yuan depreciation is justified", strategists at Bank of America Merrill Lynch wrote in a note.
In its statement, the Fed indicated it planned to continue to gradually raise rates as it seeks to return monetary policy to a more normal state - after years of extraordinary efforts to stimulate growth - but cautioned that it was watching the trade conflict carefully. The Trump administration has also weighed restrictions on Chinese companies and start-ups in sectors ranging from aerospace to robotics.
Last year, for example, after the South Korean conglomerate Lotte Group provided land outside Seoul to the US military for a missile system, Chinese authorities shut down dozens of Lotte Mart retail stores citing fire safety violations.
Xi views his economy's shift into higher-tech manufacturing not only as a crucial part of its development, what with surging labor costs, a rapidly aging population and high corporate debt levels - but also as a fulfillment of China's destiny. "They are a vital trading partner, and we need to continue to do business with China without the sting of these tariffs".
US carmaker Ford Motor Co said on Thursday it has no plans now to hike retail prices of its imported Ford and Lincoln models in China, despite steep additional tariffs on imported USA vehicles set to come into play on Friday.
That would slow his research. US Defense Secretary Jim Mattis labeled China a "strategic competitor using predatory economics" in January as he unveiled the Pentagon's National Defense Strategy.
He's sure to steer clear of any obvious backtracking that might make him look weak. "Simply put, the United States is opening fire on the whole world, and also firing at itself".
Still, a trade war would likely distract from China's efforts to expand its diplomatic, economic and military footprints overseas, notably through Xi's signature "Belt and Road" involving $1 trillion in investments in infrastructure projects across Asia and beyond.
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