China Urges US to 'Pull Back From Brink' as Trump Unveils Tariffs

China could slap tariffs on $3 billion worth of United States goods in the latest move to increase trade tensions between the two countries.

Beijing imposes 15% tariff on 120 goods worth almost $1 billion, including fresh fruit, nuts and wine; 25% on eight goods worth nearly $2 billion, including pork and aluminium scrap; commerce ministry in India plans internal meet, weighs options. The Ministry said the tariffs would be implemented if the two countries were unable to resolve trade issues.

Hours later came the inevitable counter punch: China's Commerce Ministry on Friday said it plans a 25 percent tariff on US pork imports and recycled aluminum, and 15 percent tariffs on American steel pipes, fruit and wine. Close U.S. ally Japan also is seeking to avoid the tariffs on its products.

Williams estimated that the $506 billion that China exported to the United States drove around 2.5 per cent of its total gross domestic product, and the $50-60 billion targeted by the U.S. tariffs contributed just around 0.25 per cent.

Sputnik spoke with Pauline Loong; the managing director of the Hong Kong-based economic research consultancy Asia-analytica to find out more about Trump's tariffs policy towards China.

Tariffs, along with a brewing trade war between China and the United States, could increase China's demand for pork from countries such as Germany and Denmark, importers said. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text.

The tit-for-tat trade skirmish has raised worries that this confrontation between the two economic powers is more than just a negotiating ploy and could morph into a more serious full-blown trade war.

The ratcheting up of tensions sent a shiver through world financial markets.

USA stocks ended a turbulent week with a late-day sell-off that knocked the Dow down more than 400 points and pushed it officially back into "correction" territory as fears of a looming trade war prompted nervous investors to sell. "China does not want a trade war, but China is not afraid of a trade war".

The move is the result of an investigation that said China is taking US intellectual property through business requirements for foreign companies.

The representative made the comment as he retweeted a U.S. news article reporting that Trump's electoral base in United States agricultural and rural counties would be hit hardest by Chinese retaliation over the tariffs.

In currencies, Citi Research said the Singapore dollar may be hurt as prospects of a trade war could cause the Monetary Authority of Singapore (MAS) to delay tightening its monetary policy. After Canada, China is our second-largest customer for ag exports. "China is going to end up treating us fairly".

In 2016, Washington state exported US$16.5 billion in goods to China, up 300 per cent over 2005.

Chinese Premier Li Keqiang said recently there would be no forced technology transfers. The threat of Chinese retaliation raised fears of a US-China trade war.

The impact on other American companies would be widespread, fanning out across the US because of the intricate links with worldwide supply chains. He also promised better protection of intellectual property. After a public comment period, the final list, will be made public.

Laborers work at a steel plant of the Shandong Iron & Steel Group in Jinan, Shandong province, China, on July 7.