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China says USA tariff threat runs against trend of the times

China says USA tariff threat runs against trend of the times

The fight over trade kicked off in March when Trump threatened to hit $50 billion worth of Chinese imports with a 25% tariff. Bike Europe has reported that the Chinese government will not tolerate blackmail from the American adminsitration and that they would respond in kind.

Asian markets sank on Thursday on mounting trade war fears after the USA warned it was looking at more than doubling threatened tariffs on a range of Chinese imports. A second round of tariffs on imports worth $16 billion could take effect this week. "We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of USA consumers.and hear the collective call of the worldwide community".

If these potential new tariffs get approved, it begs the question of who will bear the increased costs of bikes and bike related parts, accessories and goods?

Chinese officials said they were prepared to retaliate again with higher tariffs of their own.

He did not believe Trump had passed a "point of no return" in terms of punitive action over China's huge trade surplus and reluctance to open its markets further.

Before Trump's proposal was made public, the Chinese government claimed on Wednesday that United States "blackmail" and pressure on its exports are "not going to work". If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights.

The US is considering 25% tariffs on $200bn (£152bn) of Chinese goods - more than double the 10% initially planned.

Lighthizer added that "instead of changing its harmful behavior, China has illegally retaliated against USA workers, farmers, ranchers and businesses", in a direct reference to China's decision to apply retaliatory sanctions on USA products.

Trump recently threatened to slap punitive tariffs on all Chinese exports to the USA, which amounted to more than $500 billion previous year. "Counterintelligence officers say the duo's banking activity could provide a road map of back channels to powerful American entities such as the National Rifle Association, and information about the Kremlin's attempt to sway the 2016 USA presidential election".

What's the story on tariffs on China?

China responded by implementing its own penalties on US goods. The Ministry of Commerce in Beijing didn't immediately respond to request for comment.

Trump and senior administration officials believe the volume of USA imports and vigorous health of the American economy give Washington an advantage in the current confrontation.

The two sides held three rounds of formal talks, beginning with a delegation to Beijing led by Mnuchin in May.

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