China rejects 'blackmail' on eve of USA tariff hike

Why they fight US and China brawl over high technology

Some economists question the accuracy of the official figures, yet the US Census Bureau shows America bought $376bn more of Chinese goods than the total value of all US goods sold in the Asian country a year ago. Instead, he should be talking about reciprocity and allowing American companies the same rights in China that America grants Chinese companies when they try to invest and operate in the United States. Beijing also accused Washington of breaching trade rules of the World Trade Organisation (WTO).

Tong Feibing, general manager of China's Ningbo Top East Technology Co., which makes soldering irons and had been exporting 30 percent of its output to the United States - before sales plunged in advance of tariffs - is anxious. -Chinese tensions, Zarit said. "A deficit is actually a good thing for the USA because we're the world's biggest economic power, and other countries are willing to hold our debt", said Hsu. The Chinese Ministry of Commerce has issued a statement calling the USA move "typical trade bullying" and held that "in order to defend the core interests of the country and the interests of the people, we are forced to retaliate", according to The Washington Post.

In a commentary on Wednesday, China's official Xinhua news agency said China and Europe "should resist trade protectionism hand in hand".

China sources a lot of components that go into its finished goods from these other countries. "They firmly believe that free trade is a powerful engine for global economic growth".

Earlier, Chinese Foreign Ministry spokesman Lu Kang said China was ready to act, though he did not confirm the start date for Chinese tariffs. Wansleben added that China also needed to change its positions in many areas, "but there's definitely more room for improvement".

In the weeks since the USA leveled tariffs on steel and aluminum - which the European Union called illegal - Mexico retaliated with levies of 15 percent to 25 percent on US agricultural products; Canada imposed tariffs on almost $13 billion of USA goods; and the European Union hit back with its own 25 percent tariff on distinctively American products ranging from bourbon to Harley-Davidson motorcycles. "Simply put, the USA is opening fire on the whole world, and also firing at itself", China commerce ministry spokesman Gao Feng said on Thursday.

Still, China's stance is striking given Washington's deep economic and security ties with European nations.

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China has vowed to respond "immediately", with experts warning that tit-for-tat measures between the two financial superpowers will send shockwaves around the global economy and strike at the heart of the world trading system.

President Xi, the president of China, is taking a much longer view than Trump because China's presidency doesn't have term limits.

Trump's measures, and China's retaliation, have injected uncertainty into the global economy, and there is anecdotal evidence this is causing some U.S. businesses to defer planned investments. Chinese officials reject accusations of theft and say no foreign company is obligated to share technology.

China has promised to open up. "We're very concerned about tariffs", said Akins, who despite the potential effects on his business supports Trump's policy on tariffs.

Nancy Johnson, executive director of the North Dakota Soybean Growers Association, said prices have dropped in the past month, but "we typically are not selling a large number of soybeans at this time of the year".

Chinese state media on Wednesday kept up a steady drum beat of criticism of the United States.

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