China fires salvo in trade war with United States

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The announcement came after the Office of the United States Trade Representative announced earlier this week that it was considering increasing the proposed additional duty on $200 billion of Chinese products from 10 percent to 25 percent.

Warren-based steel fabricator Ohio Star Forge, which forges steel components used primarily in the auto industry, is unsure whether the retaliatory tariffs announced Friday will directly affect the company, but it is concerned about the trade war overall. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars.

"After years of rebuilding foreign countries, we are finally rebuilding our country", said Trump, who tweeted about how he is using tariffs to negotiate fair and reciprocal trade deals before the rally.

The result is that both China and the United States are now using government funds to stimulate areas of the economy. The tariffs would range from 5 percent to 25 percent.

The Twitter posts came one day after China vowed to impose steep tariffs on $60 billion in USA exports in retaliation to large tariffs the Trump is considering on $200 billion in Chinese exports.

China's state media said on Saturday the government's retaliatory tariffs on $60 billion of USA goods showed rational restraint and they accused the United States of blackmail.

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The US wants concessions in three areas from China: more access to China markets by US banks and multinational corporations, including 51 percent and then 100 percent US corporate ownership of their operations there.

US President Donald Trump defended his use of tariffs that have inflamed tensions with China and Europe.

On Saturday, President Donald Trump praised his tariff plan and insisted, "steelworkers are working again, and big dollars are flowing into our Treasury".

But for the Chinese regime, Washington's demands mean that it should cease its efforts to move up the industrial and hi-tech ladder and take a subservient position in relation to the USA, something which it regards as intolerable.

The tariffs discussed in this week's pronouncements are still in the threat stage; they have not yet taken effect.

Protectionist moves by the United States have drawn a response from other trading major partners.

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China's imports from the United States previous year totaled $153.9 billion. It will be September at the earliest before the USA decides whether to impose those tariffs.

Friday's retaliation from China suggests that tactic hasn't worked.

But Secretary of State Mike Pompeo remained steadfast on Washington's push for fairer trading conditions.

But the U.S. Commerce Department reported today that the American trade deficit climbed to $46.3 billion in June from $43.2 billion in May.

Asian countries have voiced concerns about the potentially devastating impact of a US-China trade war, with ministers calling for the acceleration of talks for a enormous Beijing-backed free-trade deal that excludes the United States. So far this year, the trade gap is up more than 7 percent from January-June 2017.

Unlike China, where trade negotiations are now frozen and no discussions are underway, both Europe and Mexico in recent weeks have been signalling they are amenable to a quick deal with Trump if he will settle for relatively minor concessions.

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