Chinese state media slams Trump for 'extortion'

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In early July, the U.S. imposed 25 percent tariffs on US$34 billion of Chinese goods, with another $16 billion to be targeted in coming weeks, sparking retaliatory measures from China.

"China's economy is much less dependent on trade now and on trade with the US than it used to be", says Linda Lim, a professor of corporate strategy and global business at the University of MI, told Zarroli. The United States slapped duties on $34 billion worth of Chinese goods, provoking a similar response from China.

"Don't underestimate President Trump's determination to follow through". China instead is threatening roughly two-fifths of its USA purchases after Trump threatened two-fifths of China's much larger exports to the United States, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.

"This could be, I don't want to say 'catastrophic, ' but very, very painful for the industry", Snow said.

"Other countries use Tariffs against, but when we use them, foolish people scream!" "For instance, those United States products that become gradually indispensable for Chinese firms and consumers would be subject to additional levies of 5 percent".

In some ways, the addition of LNG to the list is symbolic. To put matters bluntly, the U.S. government is now facing the medium term possibility of paying its farmers to throw away foodstuffs while Chinese investment in its various domestic industries is used to help push Chinese goods to the forefront of innovation while helping Chinese products ranging from agriculture to industrial goods to reach foreign shelves.

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In a statement, the Commerce Ministry said China could add duties of 5, 10, 20 or 25 percent on 5,207 types of USA imports. At about $70 a barrel, this was worth just below $4 billion, giving a potential annual trade of around $8 billion. "China market has dropped 27% in 4months [sic], and they are talking to us".

The United States alleges that China steals U.S. corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.

Everything from oak wood to veneered panels of laminated wood has been ensnared in China's escalation of the trade battle with the US Half of US hardwood production is exported, and the bulk goes to China, Michael Snow, executive director of the Sterling, Virginia-based American Hardwood Export Council, said Friday in a telephone interview.

Meanwhile, the Chinese economy is likely to feel a pinch, but that doesn't mean the country will back down, William Zarit, the chair of the U.S. Chamber of Commerce in China, tells NPR.

While U.S. crude exports to China appear to have held up in August, with about 342,000 bpd expected to arrive, they seem set for a slump in September.

Chinese authorities - bracing for economic fallout - have taken a range of measures in recent weeks to bolster the economy.

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"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

A flurry of articles in Chinese state media emphasised the resilience of China's economy and downplayed concerns about the impact of the Sino-U.S. trade war.

China has overtaken South Korea to become the world's number two importer of the super-chilled fuel behind Japan. The country exported about $500bn in goods to the U.S. and imported about $130bn.

"The implementation date of the taxation measures will be subject to the actions of the USA, and China reserves the right to continue to introduce other countermeasures", the statement said.

Chinese officials are trying to reassure markets and the local population that the USA moves would have little impact.

By contrast, the Chinese phone maker Huawei has just overtaken the U.S. brand Apple as the most purchased make of smartphone in the world.

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