USA tariffs take effect, China warns of 'counterattack'

GETTYThe US President has escalated tensions that could lead to a trade war

The United States hiked tariffs on Chinese imports Friday and Beijing announced it was retaliating against American goods in a technology dispute between the world's two biggest economies that President Donald Trump says he is prepared to escalate.

China's reciprocal tariffs took an aim at soybeans, which accounted for $14 billion of US exports into the Asian country past year, the Wall Street Journal reported.

To understand why the United States and China stand on the brink of a trade war, consider the near-death experience of American Superconductor Corp. Some of Trump's fellow Republicans in the US Congress lashed out at his actions.

Aircraft maker Boeing, which relies on China for 12.3 percent of its sales, according to FactSet, has seen its stock fall 9.9 percent over the last month as the trade tensions with China worsened. The damage would threaten to undo numerous economic benefits of last year's tax cuts.

On Thursday, Trump told reporters aboard the Air Force One that the first wave of that tariffs would quickly be followed by levies on another $16 billion of Chinese goods.

Mexico implemented a new 10 percent duty on imports of USA pork on June 5 in response to US tariffs on imports of steel and aluminum from Mexico. "However, if the United States adopts taxation measures, China will be forced to fight back to defend the core interests of the nation and the interests of the people".

Reducing the deficit would signal that the global economy shouldn't be investing in USA debt.

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"We feel the deficit is on the other side", Mr Juncker told the European Parliament yesterday.

Even though the tariffs just kicked in, they were approved in back in March and have already managed to make a negative impact.

Oil prices ticked up after falling on US government data that showed an unexpected jump in crude oil stockpiles.

In a commentary on Wednesday, China's official Xinhua news agency said China and Europe "should resist trade protectionism hand in hand". Whiskey, along with soybeans, pork and cheese, is among the products Chinese is slapping retaliatory tariffs on.

The U.S. Federal Reserve said on Thursday it saw signs that worries among companies about trade were curbing investment, a cloud over the otherwise strong U.S. economy.

But eventually those costs will take their toll on the average wallet, and it likely won't be simply because of these tariffs.

"China can make it much more hard to operate on the mainland", Haft says. However, it neither specified a time nor announced what products to tax.

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Tariffs on American products make them less competitive on the global market. The products would, of course, be significantly more expensive and the range probably more limited.

Mr Trump has railed against Beijing for intellectual property theft and barriers to entry for USA businesses and a $375 billion U.S. trade deficit with China.

But China is not the only country to find itself in Washington's crosshairs lately when it comes to trade.

These consumer impacts are not lost on the Trump Administration.

Beijing had earlier released a target list of $34bn worth of imported U.S. goods including autos and agricultural products also faced 25 percent tariffs.

Coming on the heels of escalating tensions between the United States and China over tariffs and investment restrictions, the injunction sparked selling in other USA chip makers.

Asked whether USA companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.

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"Essentially, tariffs of 10-25% on, perhaps, $50-100 billion worth of imports, that's a tiny fraction of the overall economy", says Scott.

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