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How Trump's trade war could go sideways on him

How Trump's trade war could go sideways on him

When it comes to China, Trump believes Beijing is using "unfair" trade practices to gain an advantage on the United States, including lax observation of intellectual property law.

The first round of 25 percent tariffs came one minute after midnight in Washington, officially pulling the trigger on a trade war between the world's two largest economies and prompting an outcry from American business groups that say us companies will pay the price at home and overseas.

A ministry statement said, "the Chinese side promised not to fire the first shot, but to defend the core interests of the country and people, it is forced to make a necessary counterattack".

China's tariff actions in response took effect at 12:01 p.m.in Beijing, state news agency Xinhua reported, citing an unidentified official from the General Administration of Customs.

While economists say the consequences of a spat between the world's two largest economies can be contained for now, there are fears that Donald Trump's stance on trade could cause serious damage to the global economy.

On the streets of Beijing, there were some concerns that prices would rise due to the tariffs but also a determination to support the Beijing authorities in the trade war.

China and Russian Federation have hit back after United States tariffs on Chinese goods came into effect and President Donald Trump threatened to impose more.

Adding to concerns this week was a leaked report suggesting Trump had asked his officials to look at pulling the USA out of the World Trade Organisation (WTO) altogether.

What tariffs are now in effect? "There are lots of things they could do to make life hard for USA businesses operating in China that would be detrimental to us".

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"But it's the risk of escalation - specifically Trump's $500 billion dollar threat, which would cover almost all of China's exports to the USA - that has analysts anxious", Yanmei said.

Of the $34 billion of Chinese goods targeted by the U.S., around 59%, or $20 billion, is produced by foreign-owned companies, including some from the U.S., Chinese Commerce Ministry spokesman Gao Feng said Thursday.

Despite the pressures, farmers here in the Midwest are holding on in the hope that the president's tactics will get them a fair trade deal, one in which countries aren't slapping American goods with high tariffs while being allowed to freely import into our market.

Amid the escalating commerce conflict, the United States seeks China's help with North Korea, which, according to recent American intelligence reports, continues to build its nuclear program.

One, if Chinese steel cannot find its way into the USA, it could be dumped on other markets, triggering protective tariffs.

The start of the trade war also likely confirms the widening rupture between Trump and his own Republican Party, a traditional champion of free trade and big business.

China has promised a swift retaliatory strike on an equal amount of USA goods.

One ship laden with US soybeans steaming toward China - the bulk carrier Peak Pegasus - appears to have lost the race to arrive before the import duties were imposed.

Late Friday, China announced it was expanding its existing complaint against the United States at the World Trade Organization, hours after the countries slapped tit-for-tat tariffs on billions of dollars of cross-border trade. Americans worry that rising Chinese technological prowess might erode USA industrial leadership and prosperity. "I think products made in China are the best", said one shopper in a Beijing grocery story, who gave his name as Yang.