US China Trade War Latest News

US China Trade War Latest News

Beijing will not hesitate to take further countermeasures in case Washington decides to impose a new round of tariff hikes against Chinese goods, with China’s ambassador to the US promising a swift and “proportional” response.

China’s Ambassador to the United States Cui Tiankai said that the new fares on 128 US goods that took effect on Monday were a direct and measured response only to the US increase of steel and aluminum tariffs – but not the planned hike of duties on other Chinese imports ordered by President Donald Trump.

“We will certainly take countermeasures of the same proportion and the same scale, same intensity,” Cui Tiankai said Tuesday according to China Global Television Network.

While Beijing had previously signaled that it was ready to go toe-to-toe with Washington’s trade war, Cui clearly stated that the latest measures are just the beginning. He said China has yet to decide on its countermeasures against a package of tariffs targeting more than 100 types of Chinese goods, ranging from clothing to electronics – if and when they are officially introduced.

On March 22, while announcing the suite of tariffs, which potentially target some $60-billion worth of Chinese exports, Donald Trump said it would help the US to reduce trade imbalances with China and curb the alleged theft of American intellectual property. His administration accused Beijing of making “state-led, market-distorting efforts to force, pressure, and steal US technologies and intellectual property.”

Washington is expected to unveil the list of targeted Chinese imports this week.

Rejecting the accusations of mass intellectual property theft, the envoy emphasized that China has been steadily strengthening its efforts and legal system, and is always ready to “look at the specific cases if there’s any violation of intellectual property rights… no matter by whoever.”

“The real question is how we can make all the technology benefit as many people as possible and all the economies, all the people, will benefit from such programs and there would be a better life for everybody,” Cui Tiankai added. “It’s not a matter of who will get supremacy, sort of.”

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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