China said on Tuesday that it has no choice but to retaliate against new US trade tariffs, raising the risk that President Donald Trump could soon impose duties on virtually all of the Chinese goods that America buys.
Beijing's statement came hours after Trump imposed 10 per cent tariffs on about US$200 billion (RM827.8 billion) worth of imports from China, and threatened duties on about $267 billion more if China hit back on the latest USA action.
Foreign Ministry spokesman Geng Shuang told a daily news briefing later that the USA steps had brought "new uncertainty" to talks between the two countries. "And that's not including certain items that we won't even talk about". "But at this time, everything the United States does does not give the impression of sincerity or goodwill", he added.
The Commerce Ministry gave no details of China's response to USA tariffs imposed in their fight over Chinese technology policy.
Trump warned that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".
The products spared included consumer electronics like smartwatches and Bluetooth devices, child safety products such as high chairs, auto seats and playpens, and certain health-and-safety products such as bicycle helmets, the officials said. But if the administration enacts the additional tariffs it would engulf all remaining USA imports from China and Apple products like the iPhone and its competitors would not likely be spared.
The Trump administration has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring USA technologies and intellectual property and roll back high-tech industrial subsidies.
According to the source, who declined to be identified as the plans have not been made public, China is reviewing its earlier plans to send a delegation, headed by vice-premier Liu He, to Washington next week.
"Any time tariffs are imposed, I worry that Americans will be forced to pay extra costs - in this case on almost half of the USA imports from China", he said.
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China's new tariffs will be levied at rates of 5 percent or 10 percent, depending on the product, from the same date, China's state council said. China has said it will retaliate.
"There is no disagreement between the Congress and the President that we must hold China accountable for hurting the U.S. companies and workers on a colossal scale by extorting our companies to transfer their best technology, stealing our intellectual property, and shoring up China's state-run companies through subsidies and other distortive practices", Brady said. The government has already been ramping up spending on infrastructure.
House Ways and Means Committee Chairman Kevin Brady said Trump is clearly increasing the pressure on China to come to the table and begin a new trading relationship that is fairer to the American farmers, workers and businesses.
Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.
Fresh trade talks had been proposed by Treasury Secretary Steven Mnuchin to begin around September 20.
"For months, we have urged China to change these unfair practices and give fair and reciprocal treatment to American companies", Trump said in a statement.
"But, so far, China has been unwilling to change its practices", including theft and force transfer of technology.
Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest USA move has "poisoned" the atmosphere.
Officials in Beijing have already announced that they will retaliate against the USA if the new levies are imposed.
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Trump has consistently railed against the US' enormous trade gap with China.
"It will be a lot of money coming into the coffers of the United States of America", the president said at a Monday White House event, before officially announcing the additional tariffs.
"Tensions in the global economic system have manifested themselves in the US-China trade war, which is now seriously disrupting global supply chains", the European Union Chamber of Commerce in China said in a statement today.
That would mean imposing new taxes on all of the goods the United States imports from China.
The rate is less than half of the 25 percent level the administration had initially been considering.
But the adjustments did little to appease technology and retail groups who argued USA consumers would feel the pain.
"We can't do that anymore", Trump said.
Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating global trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.
The result could be higher prices for American consumers, because most companies are expected to pass on the cost to their customers.
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I am not anxious , I promise you. " They had no bench to change it as such, to make it better ". When you lose, yes of course you need to talk about different things, but I'm not anxious .