Chinese Media Denounces Trump Trade Moves as Beijing Touts Sincerity

Trump proposes new tariffs on $200B worth of Chinese goods

US President Donald Trump has directed the U.S. Trade Representative to prepare new tariffs on $200 billion on Chinese imports as the two nations move closer to a potential trade war. -China trade dispute erupted Friday, with each country vowing to levy 25 percent tariffs on $50 billion in goods. The president said if China chooses to retaliate (as it has with past actions), he'll follow up with tariffs on yet another $200 billion of Chinese goods.

President Donald Trump's protectionist trade policies have led China and the European Union to hit back at new US tariffs meant to discourage foreign purchases of steel and aluminum.

The Dow Jones industrial average fell for the sixth day in a row and lost 287.26 points, or 1.1 percent, to 24,700.21.

China, which has been retaliating with its own tariff threats, warned that the only loser in the trade fight will be the US economy. He suggested China could take actions, beyond tariffs, to make life hard for Apple and other USA companies.

The broader S&P 500 index gained 4.73 points, or 0.2 percent, to 2.767.32 and the Nasdaq composite rose 55.93, or 0.7 percent, to 7,781.51, helped by solid gains in technology stocks. "Further action must be taken to encourage China to change its unfair practices, open its market to United States goods and accept a more balanced trade relationship with the United States", Trump said in a statement. China's commerce ministry immediately responded by saying the USA "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society".

The mention of "comprehensive measures" suggests Beijing might go beyond tariffs, said Jake Parker, vice president for China operations of the U.S. While China will consider responding by applying more tariffs, such an overt response could invite more retaliation, meaning Beijing could eschew tariffs to pursue asymmetric forms of pressure that are less visible. For example, if China were to single out Apple, the trade war could interfere with foreign production, bringing about supply issues, or it could cause the loss of Chinese customers, limiting demand.

But as the rhetoric in the U.S.

"This is just what we predicted - a tit-for-tat trade war has erupted and American families are caught in the middle", National Retail Federation president Matthew Shay said in a statement Monday evening. Soybeans are among hundreds of USA products China has singled out for tariffs. In the first round in March, Washington announced import tariffs on steel and aluminum on many countries, including China - as part of the United States' global measures against those products.

Although Mr. Trump's audience applauded his comments on tariffs at the annual National Federation of Independent Business conference, the renewed trade hostilities between Washington and Beijing are spooking many sectors of the US economy, from Wall Street to the agricultural heartland.

The Commerce Ministry criticized Trump's order for new tariffs on $200 billion of Chinese goods as blackmail.

"With respect to Tim Cook and exceptions, I have no knowledge or comment about that", Navarro said on a call with reporters on Tuesday.

"Time is running out for China to continue its reform process", Harborn said, noting 2018 must be the year Beijing acts.

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