Bluster aside, US and China vulnerable to pain from tariffs

GETTYThe US President has escalated tensions that could lead to a trade war

One proposal has been for China and the European Union to launch joint action against the United States at the World Trade Organization.

A report by New York-based Rhodium Group, a research consultancy, in April showed that Chinese restrictions on foreign investment are higher in every single sector save real estate, compared to the European Union, while numerous big Chinese takeovers in the bloc would not have been possible for EU companies in China. The loss was devastating: AMSC's stock shed $1 billion in value, and the company cut 700 jobs, more than half its workforce.

Speaking to reporters on Friday, Pruzin also said the WTO had "no basis" to believe the US might pull out.

With the USA on Friday hitting China with tariffs on $34 billion in imports, and China immediately striking back with equivalent levies, the Sino-American trade war is officially on. Washington does not have the right to ask Beijing not to develop something and it is impossible for China to listen to its command... "We have been in trade deficits with almost every country across the globe for years, and the President wants to ensure that that doesn't continue". "We've awakened. ... This is a fundamental change". Beijing is expected to hit back with tariffs on the same amount of US goods, targeting a total of around 545 USA goods ranging from soybeans to pork.

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.

The European Union, India, China and Russian Federation all have applied to the World Trade Organization to challenge the USA tariffs, which mostly took effect March 23. "So we have 50 plus 200 plus nearly 300".

Chinese Prime Minister Li Keqiang says there could be no victor in a trade war with the United States, yet China has to introduce countermeasures against Washington, which on Friday hiked tariffs on Chinese imports.

He says "China would never start a trade war but if anyone resorts to an increase of tariffs, then China will take measures in response" to protect its interests.

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China has imposed tariffs of 25 percent on hundreds of American products in retaliation for U.S. duties on Chinese goods. But rules on auto manufacturing, pharmaceuticals and other industries require companies to operate through state-owned Chinese partners and share know-how with potential competitors or teach them how to develop their own. Many of today's advanced technologies - the ability to collect and analyze vast amounts of data, for instance - have military uses. Companies want fairer treatment but will be hurt by U.S.

Some of the tariffs that the USA government put on Chinese products hit at very specific items, such as solar panels.

Heavy equipment maker Caterpillar, for whom China is also its second-biggest market after the USA, is off 13.5 percent over the same time. The plan calls for creating powerful Chinese players in such areas as information technology, robotics, aerospace equipment, electric vehicles and biopharmaceuticals.

Obviously the USA and China's economies are most at risk, although they're not the only ones.

Aircraft maker Boeing, which relies on China for 12.3 percent of its sales, according to FactSet, has seen its stock fall 9.9 percent over the last month as the trade tensions with China worsened.

"I don't see this ending well", she said. It is now the world's largest exporter of high-tech products. Ambassador Richard Grenell reportedly told representatives from Volkswagen, Daimler and BMW about a US proposal to reduce all auto tariffs. But the partnership imploded. The higher U.S. tariffs went into effect just after noon in Beijing.

Tangredi said he hopes the threat of a trade war will force China to rethink its practices: "You've got to do something to get their attention".

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