The dollar is sliding as US-China trade war materializes

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The US will levy a 25 percent tariff on more than 800 Chinese product categories worth around $34 billion and has warned of more to come if China retaliates.

Even American businesses that have long complained about China's tactics asserted that tariffs and trade war was the wrong way to go about addressing the issue.

"China is forced to strike back to safeguard core national interests and the interests of its people", the country's Commerce Ministry said in a statement after the tariffs kicked in.

Trump has promised another round of tariffs on $16 billion of additional Chinese goods if China follows through with its threat to retaliate.

The financial jousting prompted worry that the cost of a wide range of goods to soar. The motorcycle company announced last month it would move production out of the U.S.to get around the EU's retaliatory tariffs.

What are the US tariffs? "The countdown is on as to what Trump will do next".

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Beijing's response came within minutes as it imposed a series of levies on a similar quantity of U.S. imports. China is expected to respond with tariffs on $16 billion worth of US goods like machinery and plastics.

Gao said China's foreign trade was expected to continue on a stable path in the second half of the year, though investors fear a full-blown Sino-American trade war would deal a blow to Chinese exports and its economy. "A deficit is actually a good thing for the USA because we're the world's biggest economic power, and other countries are willing to hold our debt", said Hsu.

"If this ends at $34 billion, it will have a marginal effect on both economies, but if it escalates to $500 billion like Trump said then it's going to have a big impact for both countries", Chen said.

Some veteran China observers predict Beijing's tactics may go beyond tariffs to include arbitrary quarantines and a costly uptick in customs inspections, among other regulatory headaches.

China is the biggest buyer of USA soybeans, importing more than $12.4 billion worth of the oil seed in 2017.

"If I was Starbucks or Apple", he said, "I would be scared right now".

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Consumer Technology Association: "While President Trump says his trade policy is meant to punish China, the numbers show that, in reality, US businesses, workers and consumers will pay the price under this policy", said Sage Chandler, the group's vice president for global trade.

The Chamber of Commerce this week released a report measuring how tariffs are likely to affect each state's export industries, with the overall message being that tariffs will hurt more than they will help. He spoke to reporters who flew with him to Montana for a campaign rally.

Chinese officials, however, are projecting studied confidence, asserting the Asian nation is better equipped to withstand the turbulence.

"China would never start a trade war, but if any party resorts to an increase of tariffs then China will take measures in response to protect development interests".

"They're holding everything ... because there's uncertainty", he said.

Adding to the tensions, a Chinese court this week temporarily barred Micron Technology Inc (MU.O) from selling its main semiconductor products in the world's biggest memory chip market, citing violation of patents held by Taiwan's United Microelectronics Corp (UMC) (2303.TW). It will make - it is making already - American consumers pay more for the goods they buy.

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The Internet watched one cargo ship carrying a load of soybeans race to the southern peninsula port of Dalian in Liaoning province.

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