Published: Wed, July 04, 2018
Global News | By Blake Casey

China will counterpunch U.S. with $34 billion in tariffs

China will counterpunch U.S. with $34 billion in tariffs

They say China's decision in May to lower tariffs on imported cars will make little difference because imports make up such a small part of the market. The bill would give Trump unilateral authority to alter tariff negotiations with other countries and abandon WTO rules. reports that it would essentially let Trump skirt congressional approval to start trade wars.

The past two summits ended without a statement due to disagreements over the South China Sea and trade.

"China wants the European Union to stand with Beijing against Washington, to take sides", said one European diplomat.

An anonymous source told Reuters that the usa will implement their tariffs from midnight.

China's customs agency did not answer a phone call seeking comment, and its commerce ministry did not reply to a fax requesting comment.

Foreign Ministry spokesman Lu Kang told reporters that China is "fully prepared to take a package of necessary measures" to safeguard its national interests.

"China has already made preparations", Lu told a daily news briefing.

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China will meet in early July with 16 European countries to deepen its economic cooperation and trade relations.

Donald Trump has threatened to escalate the conflict by imposing further tariffs on up to $200bn of Chinese goods, if Beijing retaliates on Friday.

China's yuan rose sharply against the dollar on Wednesday, a day after the central bank assured markets it would keep the currency stable amid growing worries about trade friction, although stocks fell. "WTO has its flaws, but the 'United States Fair and Reciprocal Tariff Act, ' aka the U.S. FART Act, stinks", writes Anthony Scaramucci.

"Whenever the train has left the station we are allowed to enter the platform", a Beijing-based European executive said.

"We stop negotiation for now, acting tit for tat, roll out corresponding policies, hold public opinion at a good level without escalating it, limit scope, and strike accurately and carefully, splitting apart different domestic groups in U.S.", the propaganda notice reads.

"We hope the United States will provide a level-playing field for Chinese companies' investment and operation in the USA and do something conducive to the mutual trust", he said.

The EU is seeking to pass legislation to allow greater scrutiny of foreign investments.

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