In a brief statement posted online Tuesday, China's Commerce Ministry said, "To protect its legitimate rights and interests and order in global free trade, China is left with no choice but to retaliate simultaneously".
The Trump administration will impose tariffs on $200 billion more in Chinese goods starting next week, escalating a trade war between the world's two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires.
But India is not immune from the consequences of the China and U.S. trade war, which has already battered Asian stock markets with experts worrying about a long-term economic slowdown that could have a domino effect on emerging markets including India.
Distance Beijing Heaping more duties on Chinese goods will only further distance Beijing from resolving the conflict through a negotiated solution, said one of the people.
Tariffs of 10 percent will be imposed on $200 billion (€171 billion) worth of imports from September 24, rising to 25 percent on January 1.
Beijing has retaliated in kind but some analysts and American businesses are concerned it could resort to other measures, such as pressuring United States companies operating in China.
"China has always managed to find the proper solutions to put its economy back on track", the China Daily said. Meanwhile, a UK-US trade deal could "rewrite the rules" of global commerce, according to a new report. "Instead, given its economic resilience, it will squarely face those challenges, find the right solutions, and emerge stronger", it said. "This is lower than any other president at this stage in his presidency in the past 70 years and these latest trade protection measures could be seen as an effort to bolster his standing".
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The new taxes will hit a broad swath of products, including billions in Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive. "They hope to change US presidents", Xia argued.
"Contrary to views in Washington, China can - and will - dig its heels in and we are not optimistic about the prospect for a resolution in the short term", said Zarit of the American Chamber of Commerce.
President Donald Trump is barreling ahead with his vow to punish China for alleged unfair trading practices, despite an invitation this month from Treasury Secretary Steven Mnuchin to restart trade talks with Beijing. While consumer electronic products were generally removed, network and router items will be covered by the tariffs, senior administration officials said on a call with reporters Monday.
"But at this time, everything the United States does not give the impression of sincerity or goodwill", Chinese Foreign Ministry spokesman Geng Shuang said, Reuters reported.
"We have many tools in reserve and so our macroeconomic policies are able to manage difficulties and challenges", he said.
Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest United States move has "poisoned" the atmosphere. Also in Beijing's crosshairs are exports like hybrid electric and off-road vehicles, coal, dump trucks, asphalt, MRI machines and motorcycles, among other items.
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