China lists $50bn of United States goods which could face tariff hikes

US fruit was on display in a supermarket in Beijing on Monday. China imposed tariffs on a selection of US goods Monday in response to President Trump’s tariffs on steel and aluminum

US fruit was on display in a supermarket in Beijing on Monday. China imposed tariffs on a selection of US goods Monday in response to President Trump’s tariffs on steel and aluminum

"It is nobody's best interest for the United States and China to engage in a trade war", said Sam Stovall, chief investment strategist at CFRA Research.

China's President Xi Jinping and US President Donald Trump. That could mean that companies like Apple Inc. and Lenovo Group Ltd. that operate significant Chinese production bases face higher costs or supply-chain disruption.

"The U.S. list suggests that the government is targeting the 'Made in China 2025′ initiative, while China's retaliation intends to bring Americans back to the negotiation table", Zhou Hao, an economist at Commerzbank in Singapore, said in an email. Ross said he would not comment on the stock market's reaction, but then said he thinks "it's being out of proportion".

Beijing imposes tariffs on United States imports worth around $3 billion, including a 15% duty on 120 American products including fruits, nuts, wine and steel pipes and a 25% tax on eight others, like recycled aluminum and pork.

Trump has argued that the Chinese government forces US companies to surrender proprietary technology to gain access to the Chinese market, resulting in the theft of trade secrets.

The dispute "may compel countries to pick sides", said Weiliang Chang of Mizuho Bank in a report. China's robot makers are mostly focused on growing in China, the world's biggest market for industrial robots, with few exporting them to the US.

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Li said the trade imbalance could be solved if the United States eased restrictions on high technology exports to China. "A lot of people are saying this affects many big companies on the NY stock exchange and that's why so many people are anxious". He said on Wednesday that he supports President Trump's decision. While industrial and chemical companies are falling sharply, consumer goods makers and some retailers are up.

Wang, the commerce official, defended "Made in China 2025". Late Tuesday the Trump administration outlined proposed tariffs on a similar amount of Chinese goods.

Industries including aerospace, information and communications technology, robotics and machinery were among those targeted by the US trade representative on Tuesday. That excludes high-end Boeing jetliners such as the 747 and 777, leaving Beijing high-profile targets for possible future conflicts. The Chinese automaker last month met with USA auto dealers in Las Vegas as it plots out bringing the GS8, a seven-passenger sport utility vehicle with voice-activated windshield wipers, to American shores.

A Reuters analysis that compared listed products with 2017 Census Bureau import data showed $3.9 billion in flat-panel television imports, and $1.4 billion in vehicle imports from China.

A USTR official said the product list got an initial scrub by removing products identified as likely to cause disruptions to the US economy and those that needed to be excluded for legal reasons.

Mr Geng said China had referred the U.S. to the World Trade Organization.

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"There is no victor in a trade war, and an initiator will harm itself as well as others". Regulators could withhold licenses or alter other conditions to hamper foreign business activity.

Chinese hackers continue to steal information from US defense contractors, likely to gain a strategic edge over the USA military. After placing new duties on pork products last week, this time the Chinese targeted another major USA farm export, raising tariffs on American soybeans.

However, there was no evidence yet of an organized campaign to stoke anti-U.S. behavior, or that consumers were yet shunning USA goods in any numbers.

Most Asian indexes had closed when China announced its response to the USA tariff plans. The trade is worth about US$14 billion.

Large technology companies also struggled.

Porter said that FireEye, which monitors more than two-dozen groups linked to the Chinese government, has observed espionage activity continue against USA firms, including those producing sensitive military technology like satellite navigation systems and semiconductors.

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But investors seemed to reconsider, and White House officials cautioned that Wall Street shouldn't overreact to fears of a trade war.

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