China urges USA to return to reason

China urges USA to return to reason

"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of USA consumers. and hear the collective call of the worldwide community", Wang Yi, the Chinese government's top diplomat and a member of the country's state council, or cabinet, said in Singapore.

The US already imposed 25 percent tariffs on $34 billion in Chinese goods, with another $16 billion to be targeted in coming weeks.

That reflected American frustration that Beijing retaliated by raising its own duties on USA imports in response to tariff hikes on Chinese goods over complaints the communist government steals or pressures companies to hand over technology. The trade gap narrowed in April and May as farmers front-loaded soybean exports to China before Beijing's retaliatory tariffs came into effect in early July.

Much of American industry and many members of Trump's own Republican Party have expressed outrage but have so far been unable to thwart Trump's trade policies.

The Trump administration is proposing raising planned taxes on $200 billion worth of Chinese imports to 25 percent from 10 percent, turning up the pressure on Beijing in a trade war between the world's two biggest economies.

By comparison, the United States imported more than $500 billion in Chinese goods in 2016. The president is not about to back down.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

US President Donald Trump has reportedly rejected a plan to levy tariffs of 10 per cent on an additional $200 billion of imports from China and ordered aides to prepare a proposal for tariffs at the higher rate of 25 per cent.

There's been no immediate reaction from the Chinese government.

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Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures".

China's reaction remains uncertain, however, which introduces a risky element into the escalation strategy and means it could backfire.

According to investors, the escalating trade war between Washington and Beijing can hit global growth and several USA business groups criticised Trump's aggressive tariffs.

CNBC reported investors fear that an escalating trade war between Washington and Beijing could hit global growth.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent.

The United States may jack up the tariff rate on the next $200 billion in Chinese imports it plans to target as it pressures Beijing to reform its trade practices, U.S. officials said Wednesday. "We're not doing 19th century trade", he said.

While the overall drop to 50.8 in July from June's 51.0 was small, of bigger concern was the slump in the subindex for new export orders, which dropped to 48.4, a fourth consecutive monthly decline.

Wang also noted that China stands ready to share opportunities with ASEAN, jointly meet challenges, and make the bilateral cooperation a pillar of regional peace, stability, development and prosperity.

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