China says new tariffs are an act of 'blackmail'

China says new tariffs are an act of 'blackmail'

"President Donald J. Trump says, that's not going to happen on his watch".

Trump said Tuesday progress was being made in slow-moving talks to update the NAFTA deal between the United States, Canada and Mexico, but he held out the prospect of striking bilateral pacts if a three-way deal could not be reached.

The president says, "We have to change our ways". "So if you want to call that optimism, that's fine with me, but I do think they are getting closer to a bilateral arrangement with the Chinese that is more agreeable to the current administration".

But Beijing faces challenges in retaliating directly: China ships far more goods to the United States ($505 billion past year, according to U.S. figures) than come back in the opposite direction ($130 billion).

On Monday, the Trump administration responded with an unprecedented threat to levy a 10 percent tariff on $200 billion in Chinese products - a move that would put a large share of the $505 billion in products that the United States imports from China under tariffs.

Earlier on Monday, stock markets fell amid fears of further deterioration of US-China trade relations. "Attitudes seem to be hardening".

Russia's Economy Minister, Maxim Oreshkin, said the tariffs would target goods of which the Russians already had domestic equivalents. The new duties could apply to up to $400 billion in Chinese goods.

He said China's latest action clearly indicated its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in the massive Dollars 376 billion trade imbalance in goods.

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Brent crude, the global oil benchmark, was down 1.6% on the day, at $73.54 a barrel, on London's Intercontinental Exchange. Also supporting prices was a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank.

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So I woke up and was, 'What was that? "I didn't see that one coming around the corner", he said as he wiped tears from his eyes. He agreed, saying: "We expected it to last 10 years, but it keeps going on, and on, and on". "And it keeps being relevant".

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ITBP is a specially trained unit that guards India's eastern border, most of which is fall under Himalayan mountain range. Nepalese Consul General Revati Podal said it was his third year in row to participate in yoga day here in Jeddah.

According to a report in Monday's New York Times, in the midst of the escalating trade war rhetoric between the USA and China, Apple CEO Tim Cook has allegedly been given a promise from the Trump administration that the Apple iPhone, assembled in China, will not be slapped with any tariffs for its trip across the US border.

"Our phone lines are open; they have always been open", he tells reporters.

The ministry also expressed its disappointment that the new tariffs do not reflect the "consensus" the two countries had come to during recent trade negotiations, after which China declared the trade war was over. Chinese stocks recorded their steepest falls since the trade dispute started on Tuesday.

Being tough with China plays well with many of President Trump's supporters, actual and potential, at a time when he is looking ahead to the Congressional elections in November.

Spooked by worsening tensions over trade between the world's two largest economies, investors are selling stocks and commodities and buying safer assets. China and Hong Kong markets were closed for a national holiday.

Among Asian countries, China's Shanghai stock index fell almost 3.8 percent while Hong Kong's Hang Seng index lost almost 2.8 percent.

"If the United States loses its rationality and unveils another list of Chinese products for additional tariffs, China will have no choice but to take comprehensive measures combining quantitative and qualitative ones to resolutely strike back", the ministry said in a statement.

Shares of large USA companies with significant overseas business were hit especially hard. Boeing dropped 3% and construction and mining equipment maker Caterpillar shed 2.7%. Commodities such as oil, copper and soybeans fell. Oil prices too dipped as investors anxious that the dispute would damage economic growth.

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