China delays retaliatory tariffs, won't fire 'first shot' in potential trade war

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

Australia won't escape fallout if the USA and China fall into a trade war.

"The US has provoked this trade war, we do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said China commerce ministry spokesman Gao Feng.

In the brewing trade war between the United States and China, Beijing officials consistently seek to portray their nation as simply being on the defensive against Donald Trump's aggressive tactics.

China has vowed to retaliate in kind with its own tariffs on U.S. agricultural products and other goods and to take more "qualitative" measures if Mr Trump escalates the conflict. The past two summits, in 2016 and 2017, ended without a statement due to disagreements over the South China Sea and trade.

A statement issued by China's State Council on June 16 said that retaliatory extra duties on US$34 billion of U.S. imports are set to take effect on July 6.

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"If the USA implements tariffs, they will actually be adding tariffs on companies from all countries, including Chinese and U.S. companies", Gao said.

"Dollar demand burden arising from trades with China would be lifted from our forex reserves", they said, adding that initial yuan trades could be small. "They firmly believe that free trade is a powerful engine for global economic growth".

While Trump touts announcements of jobs created in steel plants due to the tariffs, manufacturing industries warn many more jobs will be lost in companies producing autos, auto parts, appliances and other goods that depend on imported components.

As traditional alliances fray, Liu He has said privately that his country is ready to set out for the first time what sectors it can open to European investment at the annual summit, expected to be attended by President Xi Jinping, China's Premier Li Keqiang and top EU officials.

"As terrorist attacks, political violence (including demonstrations), criminal activities, and other security incidents often take place without any warning, US citizens are strongly encouraged to maintain a high level of vigilance and practice good situational awareness when traveling overseas", it said. "Security personnel have detained and/or deported US citizens for sending private electronic messages critical of the Chinese government". But EU officials expect any moves to be more symbolic than substantive.

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The EU now imposes tariffs of 10 percent on imports of US-built cars, compared to Washington's 2.5 percent levy on European auto imports.

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A second tranche of 284 goods worth $16 billion is now under review and could be added to the USA list.

The European Union is seeking to pass legislation to allow greater scrutiny of foreign investments. "Simply put, the USA is opening fire on the whole world, and also firing at itself". "It's unlikely to mark a systemic change".

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