Tough talk on global trade escalates as Trump claims results

Saturday, 24 Mar, 2018

Because Canada is a nation that depends on exports of commodities, a weaker Chinese economy would also hurt the Canadian economy by reducing sales and prices of raw materials, added Conference Board of Canada chief economist Craig Alexander.

Zhang Xiangchen, China's ambassador to the World Trade Organization, told Reuters on Thursday that China is preparing action against the United States in response to the new tariffs and other tariffs Trump recently put in place.

Trump yesterday signed a memorandum that could impose tariffs on up to Dollars 60 billion of imports from China and restrictions on Chinese investment in the US. United States exports of fruits, frozen juices and nuts to China amounted to $669 million past year, and it was the top supplier of apples, cherries, walnuts and almonds.

Chinese state media reported the USA to have been notified by China of its intentions to protect its trade interests. "He has apparently miscalculated the situation and underestimated China's resolve and capability to defend its own legitimate rights and interests as well as the price the United States has to pay for its recklessness and willfulness", the spokeswoman noted.

"China also appears to be breaking WTO rules by imposing mandatory adverse contract terms that discriminate against and are less favourable for imported foreign technology", it said. "From China's perspective, it absolutely does not want to see a trade war". -China Business Council, which represents American companies that do business with China.

"We don't want to have a trade war with anybody", he said earlier in the interview.

China has announced plans to hit the US with $3 billion in tariffs on a number of American goods in response to punitive USA trade measures.

White House officials told a briefing ahead of the trade announcement that the administration was eyeing tariffs on $50 billion in Chinese goods.

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China will not sit idly watching its legitimate rights and interests being damaged under any circumstance, a spokesperson of the Commerce Ministry said. There was no explanation of the difference between that figure and Trump's $60 billion. "It is hoped that the US side will be able to make a swift decision and not to drag bilateral economic and trade relations into danger". We have great relationships with China.

President Donald Trump's team links tariffs to NAFTA deal.

Amid concerns that cheap Chinese steel will enter the US from exempted countries, Navarro says those countries must agree to quotas on exports into the U.S.

Despite threats of retaliation, China has been keen to portray itself as a defender of globalization, a message that was reinforced in a call between President Xi Jinping and French President Emmanuel Macron. US Trade Representative Lighthizer warned on Wednesday that Washington would take "counter measures" if Beijing targeted US agriculture.

China's so-called National Team of state funds has a long history of smoothing swings in the country's US$7.7 trillion stock market, particularly during big down days.

Additionally, the government argued that the Trump administration's use of national security as the basis for tariffs on steel and aluminum was a smokescreen and the restrictions were economic-based. It also wants to slap the USA with a 25 percent tariff on pork and recycled aluminum imports.

"We could end up replacing the U.S.as a supplier to China if China imposes restrictions on USA products".