US has started biggest trade war in history: China

Beijing, July 6 (IANS) China on Friday accused the US of starting “the biggest trade war in economic history” as American tariffs took effect on Chinese goods worth $34 billion.

“China is forced to strike back to safeguard core national interests and the interests of its people,” the country’s Commerce Ministry said in a statement after the tariffs kicked in.

President Donald Trump’s administration’s 25 per cent tariffs are targeting Chinese products such as industrial machinery, medical devices and auto parts.

The Commerce Ministry statement did not however, provide details on its retaliation.

Beijing said previously it would fire back against an equal value of US exports, including SUVs, meat and seafood.

Even before Friday, the trade dispute between the world’s top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.

The US is also set to impose 25 per cent tariffs on another $16 billion in Chinese exports later in the year and China has vowed to retaliate against US goods worth a similar amount.

But Trump has said his administration will respond to retaliation from Beijing with much bigger waves of tariffs, raising the prospect of worsening tit-for-tat reprisals, CNN reported.

On Thursday, he suggested the possibility of tariffs on almost $500 billion more of Chinese goods.

“Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?” Trump told reporters aboard the Air Force One.

“So we have 50 plus 200 plus almost 300.”

Trump and his advisers argue the tariffs are necessary to pressure China into abandoning unfair practices such as stealing intellectual property and forcing American companies to hand over valuable technology.

Beijing denies it’s in the wrong and says it’s ready to fight a trade war until the end.

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union.

American tariffs on steel and aluminium imports have provoked retaliatory measures against billions of dollars of American exports.

Russia warns of banning Pakistani rice again after contaminant found

Islamabad: Russia has warned Pakistan of banning rice imports from the country again after detecting the presence of a quarantine organism in a recent shipment, reports said on Sunday. Russia's...

London police chief faces calls to quit over Gaza protests

London: The head of London's Metropolitan (Met) Police is facing calls to quit over the force's handling of pro-Palestinian protests. Both the Campaign Against Antisemitism (CAA) and former UK home...

14 Palestinians killed in ongoing Israeli operation in West Bank

Ramallah: At least 14 Palestinians have been killed during an ongoing Israeli military operation for the third consecutive day in the city of Tulkarm and the refugee camp in the...

Israel PM denounces US plan to sanction IDF unit

Tel Aviv: Israel Prime Minister Benjamin Netanyahu has denounced the move by the US government to issue sanctions to the Netzah Yehuda battalion of the Israel Defense Forces (IDF). The...

Russian Prez Putin unpredictable, could use nuclear weapon: Navalny’s widow

Gmund, Germany: Yulia Navalnya, the widow of late Russian dissident Alexei Navalny, has warned of the unpredictability of Russian President Vladimir Putin, saying the possibility that he might use nuclear...

HK, Singapore food regulators red flag ‘cancer-causing’ ingredient in certain MDH, Everest spices

New Delhi: Food regulators in Hong Kong and Singapore have warned people against using four products from two big spice brands --- three from MDH and one from Everest --...

German warship ends mission against Houthi militants in Red Sea

Berlin: A German warship ended its mission protecting merchant shipping from Houthi militants in Yemen and departed from the Red Sea early on Saturday morning. The frigate was part of...

US-imposed sanctions based on mere speculations, claims Pakistan

Islamabad: After the US imposed sanctions on four entities (three from China and one from Belarus) for their alleged involvement in supplying missile-applicable items to Pakistan's ballistic missile programme, Islamabad...

US blacklists 3 Chinese firms for supplying missile parts to Pakistan

Washington: The US has imposed sanctions on three Chinese companies and one from Belarus for supplying missile‐applicable items to Pakistan’s ballistic missile programmes, including its long-range missile programme. “The entities...

Indian student’s death in US possibly linked to Blue Whale suicide game

Washington: In a grim first for Indians studying in US colleges and universities, a first-year student took his own life in March while playing, it is understood, a macabre online...

US not involved in Israeli attack against Iran: Blinken

Washington: US Secretary of State Antony Blinken has said that he can't speak to media reports about the details of an Israeli attack against Iran Friday overnight, stressing that the...

UN chief calls for end to cycle of retaliation in Middle East

United Nations: UN Secretary-General Antonio Guterres has called for an end to "stop the dangerous cycle of retaliation in the Middle East," said his Spokesman. "The Secretary-General reiterates that it...

Read Previous

Abducted J&K policeman killed by militants

Read Next

Over 5,200 bodies retrieved in Iraq’s Mosul

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com