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As U.S.-China tit-for-tat tariffs approach here's what could happen

As U.S.-China tit-for-tat tariffs approach here's what could happen

On Thursday, Trump said that he is willing to slap tariffs on up to $550 billion, which actually exceeds the current value of Chinese imports to the United States by $46 billion.

Beijing had previously flagged that China would make a "necessary counterattack" if needed on a similar amount of USA exports including soybeans and cars.

When it comes to China, Trump believes Beijing is using "unfair" trade practices to gain an advantage on the United States, including lax observation of intellectual property law.

"The United States has waged the biggest trade war in economic history against the rules of the World Trade Organization", China's Commerce Ministry said in a statement, describing the USA tariffs as "textbook trade hegemony".

"China promised that it would not fire first, but it has been forced to take necessary measures to defend the core interests of the country and its people", the statement said.

The retaliatory tariffs from China will fall especially hard affecting more than 25% of a county's economy-in almost 20% of the counties that voted for President Donald Trump in 2016, affecting eight million people mostly in agricultural, manufacturing and technology sectors, The Wall Street Journal reported.

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The Trump administration's 25% tariffs affect more than 800 Chinese products worth $34 billion such as industrial machinery, medical devices and auto parts.

He said exports often consist of pig parts not in demand domestically, such as offal, and that China's huge population and demand for pork represents an opportunity for USA producers. "The countdown is on as to what Trump will do next".

Beijing has vowed to respond immediately with an equal amount of tariffs of its own against United States autos, agricultural and other products.

"Our view is that trade war is never a solution", Chinese Premier Li Keqiang told reporters during a trip to Bulgaria. He said even if his U.S. business disappears entirely, he will be fine.

As the trade war with China - caused by tariffs demanded by Donald Trump - heats up, the editors of the Wall Street Journal have taken the president to task, sarcastically mocking him as a "master negotiator" who has yet to negotiate any deals while causing damage to the US economy.

China has sought the moral high ground during the increasingly bitter build up to the trade war by positioning itself as a champion of free trade but state media has now ramped up the rhetoric against the US President.

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The tariffs will make trade more expensive and complicated, and consumers will end up paying a price, Wilson said.

United States soybeans, a key flash-point in the worsening trade relations, will see their tariff jumping to 28 per cent of the value, while the soybean duty for some other nations has been lowered to zero recently. A long list of targeted Chinese products directly purchased by Americans such as TVs, printers and washing machines was sharply revised in June following a trade hearing.

But China also believes that its economy, with a greater focus on domestic demand and a reduced dependence on exports, can ride out the storm.

There was no evidence of last-minute negotiations between US and Chinese officials, business sources in Washington and Beijing said. This ship, carrying tons of US soybeans, had been racing against the clock across the sea, trying to arrive in Dalian port before the tariff war started. The dollar and Treasuries edged lower as traders looked ahead to U.S.jobs data.

"If we lose that, my son will spend the rest of his lifetime trying to get that back", he said.

These initial tariffs are unlikely to inflict serious harm to the world's two biggest economies.

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