Donald Trump ratchets up China trade dispute with new tariffs

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If the United States publishes a new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, the ministry said.

"If the US loses its senses and publishes a new list", the statement said, "China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back".

Gulf oil producers may benefit from China's threat to impose import tariffs on USA crude and other energy products, as key exporters meet to discuss production increases later this week.

Trump has been insisting that China has been unfairly benefitting from a trade imbalance with the United States for years.

"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced", Trump continued.

"Trade between our nations, however, has been very unfair, for a very long time".

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The trade war has heated up, with Washington promising further tariffs if China retaliates, which it duly has.

The move quickly drew praise from former Mr. Trump senior adviser Steve Bannon, who told The Associated Press: "President Trump told China and the world tonight that America will not back down when it comes to economic aggression".

China swiftly rebuked the threat and said it would take strong countermeasures to safeguard itself if new tariffs are indeed announced.

In April, the Trump administration outlined around 1,300 products worth $50 billion that would be hit with proposed tariffs.

Asian markets slid to recent lows and Chinese exchanges dropped dramatically, after President Trump threatened China with tariffs on $200 billion in products, renewing fear of an all-out trade war that could hit the global economy. "The United States initiated a trade war and violated the laws of the market".

Led by President Donald Trump, U.S. officials have started a trade war with China in an effort to wring concessions from the country, which has surged economically over the past two decades due to low-cost labor and lax intellectual property protections.

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"Chinese leaders over these past few weeks have been claiming openness and globalization".

Underscoring the impact on Chinese companies from worsening Sino-U.S. relations, shares of ZTE Corp, the technology firm caught in the cross-fire of the trade spat between the two countries, slumped further on Tuesday.

"As I've said from the beginning, China will back off its industrial plans only when US trade measures are large and lasting enough to threaten the influx of foreign exchange".

I have an excellent relationship with President Xi, and we will continue working together on many issues.

Trump said Monday that China's response "indicates its determination to keep the United States at a permanent and unfair disadvantage".

"China's economy has already been clouded by a sharp slowdown in fixed asset investment growth due to the government's deleveraging drive, a problematic property sector, a mounting debt burden and rising credit defaults", economists at Nomura wrote.

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