China delays retaliatory tariffs, won't fire 'first shot' in potential trade war

China delays retaliatory tariffs, won't fire 'first shot' in potential trade war

Imports from the USA are seen at a supermarket in Shanghai, China April 3, 2018.

Hopes are dwindling for the world's two biggest economies to reach a breakthrough this week before Washington starts charging tariffs on $34 billion in Chinese imports. U-S President Donald Trump said last week that the study would be completed in three to four weeks.

THE Trump administration, in its latest attempt to block Chinese entry into the U.S. market amid its ongoing trade dispute with China, is recommending that the application by China Mobile to provide telecom services in the United States be denied.

In Beijing, Chinese Foreign Ministry spokesman Lu Kang said summit preparations were proceeding, and details would be announced in due course. Both sets of tariffs would be based on concerns about US national security.

"The US's measures are essentially attacking the global supply and value chain". The US has claimed that China uses public funds to support its industrial development, which puts US companies at a disadvantage, paying no heed to the fact that China's use of policy and industrial funds to accelerate industrial expansion is a common practice across the world.

"China will not bow in the face of threats and blackmail", he added.

USA companies ranging from soybean farms to whiskey distilleries to automakers like Ford and Tesla could suffer if China ramps up retaliatory measures.

"We will continue to assess the potential impact of the USA -initiated trade war on companies and will help companies mitigate possible shocks". The South China Morning Post said China is likely to cancel orders for 1.1 million tons of soybeans from the USA this year.

The list of Chinese products targeted with USA tariffs include vaping devices, rare earth metals and LED light bulbs.

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Washington is conducting a national security study that could lead to tariffs on imported cars and vehicle parts.

Concerns about the outbreak of a global trade war have, among other factors, prevented a sustained recovery in global stock markets since a violent sell-off knocked them off records highs in February.

China is warning its citizens about traveling to the USA this summer, citing damage to the pocketbook from America's high medical costs as well as personal safety.

Trump has accused China of unfairly acquiring USA technology through coercion and theft and limiting market access for US finance and technology firms - claims that China denies.

The warning comes as trade tensions mount between the two countries.

An outright trade war with the United States could hit China's export machine, with recent data pointing to fatigue as credit expansion slowed and domestic demand looked to be softening.

While China has signalled a willingness to buy more American goods to balance out the deficit, it has refused to trade away what it views as an essential part of its economic future.

The widely-read Global Times tabloid said in an editorial that China must prepare for containment by the United States.

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