Chinese PM says a trade war benefits no-one

Chinese PM says a trade war benefits no-one

Lu Kang, a Chinese foreign ministry spokesman, said: 'After the U.S. activated its tariff measures against China, China's measures against the United States took effect immediately'.

"We are deeply concerned over the escalated trade tensions between the United States and China", said Bruce Blakeman, vice president of corporate affairs in Asia Pacific at USA agribusiness company Cargill.

Beijing insists it's the injured party.

China lodged a case with the World Trade Organisation against the United States, its commerce ministry said on Friday.

The United States and China continue to add new items to the list of taxed goods in order to try and outdo the other, causing concern among consumers that some goods will become more expensive in the U.S.; not to mention the additional strain on foreign policy a trade war would cause.

"The key questions during that time are what will happen to financial markets, how will USA voters react and will China's economy start to wobble", Kennedy said in a telephone interview. The transnational company has many branches and plants across China.

Washington has "ignited the biggest trade war in economic history", said a Commerce Ministry statement.

The comments showed how aspects of Beijing's rift with Washington have seeped into the public consciousness.

U.S. President Donald Trump has warned that the United States may ultimately target over $500 billion worth of Chinese goods, an amount that roughly matches its total imports from China a year ago.

Beijing said it had no choice but to respond in kind, but was yet to outline the full extent of any retaliatory measures. On Thursday, he suggested the possibility of tariffs on nearly $500 billion more of Chinese goods.

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"You have another 16 [billion dollars] in two weeks, and then, as you know, we have $200bn in abeyance and then after the $200bn, we have $300bn in abeyance. OK?"

"The trade headlines are at this point keeping the market uncertain", said Quincy Krosby, chief market strategist at Prudential Financial.

That amount is higher than an earlier threat from Trump to target as much as $450 billion of Chinese exports. The price of soybeans has plunged 13 percent over the past month on fears that Chinese tariffs will cut off American farmers from China, which buys about 60 percent of their soybean exports.

"While we monitor the ramifications these actions have on our global trading relationships and our members, our global staff is also fully ramped up to be seeking new markets for United States grains and their related products".

President Donald Trump is fighting trade battles in all directions, not just with China.

Chinese Commerce Ministry spokesman Gao Feng said on Thursday that the proposed USA tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work. United States tariffs on steel and aluminum imports have provoked retaliatory measures against billions of dollars of American exports. Trump's tariffs are meant to press Beijing to change its ways. This allows Washington to take unilateral action when it determines that a trading partner has engaged in unfair practices.

A full-fledged trade war, economists at Bank of America Merrill Lynch and elsewhere warn, risks tipping the US economy into recession.

The negotiations began in August but have stalled over U.S. demands created to discourage investment in Mexico and to shift auto production back to the US. Abandoning NAFTA, though, would disrupt the complex supply chains that manufacturers have built across the bloc's borders and likely drive up U.S. vehicle prices.

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy.

The root of the conflict is the Trump administration's assertion that China has long used predatory tactics in a drive to supplant America's technological supremacy. "And so I'd expect the two sides to pursue some sort of face-saving deal that looks good on paper but is not enduring".

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