The Chinese government announced plans on Friday to retaliate against the Trump administration's decision to impose tariffs on up to $60 billion worth of Chinese imports, saying it planned to levy duties on $3 billion worth of United States exports. It gave no indication of a possible response but the foreign ministry said Beijing will take "all necessary measures" to protect its interests.
Trump on Thursday instructed his officials to impose tariffs on $50 billion in Chinese goods after the USA concluded China violates the intellectual property of American companies.
China said it was "not afraid of and will not recoil from a trade war" as it announced a list of potential tariffs on United States goods.
'No use to anyone' The climbdown came as Trump announced new sanctions against China for what he called the theft of USA intellectual property - which Beijing has vowed to meet with tit-for-tat retaliation.
Before signing the measure, Trump lamented the US' multi-hundred billion dollar trade deficit with China and said the action would be "the first of many".
The value of US wine exports to China alone increased 450 percent in the past decade, the industry group said.
China showed readiness to retaliate by declaring plans to levy additional duties on up to $4 billion of U.S. imports, including fruit and wine, in response to U.S. import tariffs on steel and aluminium that were due to take effect on Friday. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text.
The Chinese commerce ministry on Friday issued a statement stating its plan to impose fresh duties on U.S. products, which would amount to $3 billion.
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If imposed as described, the United States tariffs could lead to higher costs for consumers, while China's retaliation would hit key sectors of the U.S. economy including agriculture and aerospace, analysts say. "We are fully prepared to defend our legitimate interests", the ministry said.
Lee said the most likely scenario is that the two countries will gradually reach a consensus, but added that U.S.
Overnight Mr Trump announced plans to impose roughly US$50 billion ($65 billion) in tariffs on Chinese goods.
The products subject to the new tariffs have not yet been officially identified and Thursday's announcement did not immediately impose new import duties.
The U.S. Trade Representative's office said Trump's action was in response to "unfair and harmful acquisition of U.S. technology".
Arriving at a European Union summit, German Chancellor Angela Merkel said "thanks" to Malmstrom "for holding intensive talks with the United States and we will see what the result is". It's been very unfair to us.
The US has complained for years about China's sharp-elbowed trading practices, accusing it of pirating trade secrets, manipulating its currency, forcing foreign companies to hand over technology, and flooding world markets with cheap steel and aluminum that drive down prices and put US manufacturers out of business.
Roy Chun Lee (李淳), an associate research fellow and deputy director of the Taiwan World Trade Organization and Regional Trade Agreements Center of the Chung Hua Institution for Economic Research, a local think tank, predicted that China-based Taiwanese companies will bear the brunt of the plan.
Beijing announced its own plans that could hit up to $3bn of U.S. goods including fresh fruit, wine and nuts with levies.
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