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Russia Will Take China's Side Against U.S

Russia Will Take China's Side Against U.S

WASHINGTON/BEIJING US President Donald Trump threatened to impose a 10 per cent tariff on US$200 billion (S$270 billion) of Chinese goods, prompting a swift warning from Beijing of retaliation. On July 6th, both the US and China will impose 25% tariffs on $34 billion worth of Chinese and USA imports, respectively. On Friday, the president imposed a 25% tariff on $50 billion worth of imports from China.

China has underestimated President Donald Trump's resolve to move forward with tariffs unless Beijing changes its "predatory" trade practices, a top USA trade advisor said yesterday, in comments that diminished the chances of a negotiated settlement to a looming trade war between the world's economic superpowers.

The standoff, mostly over China's sharp-elbowed drive to supplant USA technological dominance, threatens to tip "the USA and China into a downward spiral like the world hasn't seen since the trade war that plunged us deeper in in the Great Depression and into the Second World War", warned Matt Gold, professor of worldwide trade law at the Fordham Law School and a former USA trade official.

The Dow Jones industrials are up 30 points, or 0.1 percent, to 24,730, after falling 287 points Tuesday.

Despite mounting criticisms surrounding its trade conflict with China. the U.S.is not budging. Aerospace giant Boeing fell 3.4 percent and DowDuPont slipped 3.3 percent.

Mr Trump said after the legal process is complete, these tariffs worth $200 billion will go into effect if China refuses to change its practices.




China's Commerce Ministry on Tuesday criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations and is a disappointment to the worldwide community". The Chinese Commerce Ministry released a statement saying, "If the United States loses its sense and publishes such a list, China will have to take comprehensive quantitative and qualitative measures and retaliate forcefully".

The tit-for-tat tariffs could then escalate further yet: Trump threatened tariffs on $200 billion more in Chinese products if Beijing lashes back again.

Trump said the tariffs to get common items back into Canada are so high that Canadians have to smuggle footwear into the country. Since June 1, steel and aluminium imports from the European Union, Canada and Mexico have been hit with tariffs of 25% and 10%, respectively. Russian Federation has calculated the damage of its proposed tariffs to be about $537.6 million, while Oreshkin said Tuesday that the first stage of tariffs against the US would amount to about $93 million. However, analysts warned, it does have significant leverage over American companies in China.

Beijing had agreed to buy goods worth $70 billion and to invest more in U.S. infrastructure if Washington agreed to withdraw its tariffs. Officials also drew up a second list of $16bn in chemical and energy products to hit with new tariffs, though China did not announce a date for imposing them.

The third round of USA tariffs - 25 percent on another $16 billion worth of imports, thereby bringing the total Section 301 tariffs to $50 billion - is now passing through a consultation and public comment process. It has promptly matched every US threat with its own.

The tariffs would start to slow US growth, economists warn. The administration also revived its complaints Tuesday about America's gaping trade deficit with China, which it says reflects an unfair trading relationship. Former economic adviser Gary Cohn, who left the White House as Trump continued ramping up protectionist policies, recently told the Washington Post that a trade fight could wipe out any economic gains from the Republican tax law passed past year.

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