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Chinese state media accuse US of 'mobster mentality', vow to fight tariffs

11 August 2018

On Wednesday, China hit back by saying it would impose identical 25 per cent punitive duties on $16 billion of US goods, including cars, crude oil and scrap metal, also to take effect August 23. "China will make more concessions". So far, China has now either imposed or proposed tariffs on 110 billion dollars of USA goods. China's latest tariff measures are in response to the earlier US action.

After months of escalation, business executives in both countries are wondering when and how the trade confrontation will end. They are the highest-value variety meat item the US exports to China.

Companies are already adjusting to the new trade barriers, and shifting supply chains away from China. It said while there was not yet a major risk of "damaging stagflation"-rising prices and a slowing economy-the prospect remained of a "bigger blow-up" that sharply reduced trade as took place in the 1930s". This is because the central demand of the U.S. administration is that China must not only reduce its trade deficit with the United States, but must also take action to wind back its plan to develop its industrial and technological base under the "Made in China 2025" program.

China's domestic market will play an even more important role in future economic development. The firm action taken by China is meant to further deepen reform and opening up, and do well in its own affairs.

Beijing has released an additional list of $60 billion worth of USA products it would start taxing if the White House proceeds with the further escalation. China retaliated with higher duties on a similar amount of American goods. "Trump said he had told Xi as much to his face".

"There are only two hard outcomes so far and China's winning 2-0", Moon said.

There's no clear resolution on the horizon for President Donald Trump's trade war with China, and many states could soon start feeling the pain.

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For 23 states, China is the top source of imports.

The United States published its final list of goods subject to the new tariffs on Tuesday. Rather than be surprised by the US's constant pressure, China was well prepared.

China National Petroleum Corporation already has a commercial agreement with Cheniere Energy to buy LNG for 25 years and a few heads of agreements have been signed between USA suppliers and Chinese customers.

China and the United States continue to impose import duties on each other, enacting a trade war that risks impacting global production in the long run.

China's refined products exports last month were 4.57 million tonnes, almost flat from a year earlier.

China's quota system allows 34 imported movies a year to be shown in theatres, while overseas producers get a 25 percent share of box office takings, less than in other worldwide markets. The yuan has declined by 8 percent this year against the dollar and by about 4 percent against a basket of global currencies.

Chinese state media accuse US of 'mobster mentality', vow to fight tariffs