China delays retaliatory tariffs, won't fire 'first shot' in potential trade war

China delays retaliatory tariffs, won't fire 'first shot' in potential trade war

China's stock market has fallen almost 10 percent in recent weeks on fears of a trade war while its currency has dropped sharply against the USA dollar.

On June 15, the Trump administration said it would introduce additional 25-percent duties on 818 items of Chinese imports worth $34 billion on July 6.

"As long as the United States issues a so-called tariff list, China will take necessary measures to firmly protect its legitimate interests", Lu said.

But he added that at a high level China-EU economic dialogue in Beijing last week both sides had agreed to oppose unilateralism and trade and investment protectionism.

The German firm makes Mercedes SUVs in the USA and ships them to China, its biggest market.

However, China's finance ministry said it will "absolutely not" fire the first shot in a trade war with the United States and will not be the first to levy tariffs.

China has put pressure on the European Union to issue a strong joint statement against US President Donald Trump's trade policies, European officials told Reuters.

"We agree with nearly all the complaints the USA has against China, it's just we don't agree with how the United States is handling it", another diplomat said.

"Generally speaking we're not going to get caught up in the tariffs the United States is applying to China because we have a different export profile", said Jacobi, who is executive director of the NZ International Business Forum.

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Chinese state media on Wednesday criticised the USA for imposing tariffs.

"China will not bow down in the face of threats and blackmail and will not falter from its determination to defend free trade and the multilateral system".

A Chinese court temporarily banned Micron Technology (MU.O) from selling chips in China, the world's biggest memory chip market, hitting shares in US stock overnight and Asian semiconductor stocks on Wednesday.

Chinese stocks slipped on Thursday and the yuan gave back some of its recent gains against the dollar as a targeted cut of reserve requirements for banks took effect amid heightened the trade tensions.

"China and European countries are natural partners", it said.

According to translated quotes published by Travel and Leisure magazine, the advisory warned that "shooting, robbery, and theft are frequent" in the United States.

"Trump has split the West, and China is seeking to capitalize on that".

The Trump administration is poised to beginning imposing tariffs on $34 billion in Chinese goods on Friday. Tabloid newspaper Global Times, which is owned by the Communist Party mouthpiece People's Daily, said the escalating trade dispute would create chaos around the world.

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