China braces for more pain from trade war as economy slows

A woman tends to a child near a promotional gimmick in the form of a bomb and the U.S. flag outside a U.S. apparel shop in Beijing

The comments came after President Donald Trump's administration threatened fresh tariffs on another $200 billion in Chinese goods and Beijing vowed to retaliate, the latest salvo in the escalating tariff battle.

Li Chenggang, an assistant minister at the Commerce Ministry, had earlier told reporters that the U.S. is escalating the trade war, which is an irresponsible move.

Stocks fell and commodities slid with emerging-market assets Wednesday as investors assessed the fallout.

A second tranche of $16 billion in products is under review and could soon be added to the U.S. measures.

Sources at other state-run news agencies told Reuters that they were instructed not to report on whether the trade war is negatively affecting Chinese businesses.

The 10% tariffs will not kick in immediately but will undergo a two-month review process, with hearings August 20-23., according to a statement from the U.S. Trade Representative's office Tuesday.

In what amounted to a rebuttal of Trump, Merkel said: "This shows that China's market opening in these areas isn't just talk, but action".

The US Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but it has been critical of Trump's aggressive tariff policies. "The US side ignored the progress, adopted unilateral and protectionist measures, and started the trade war". In January, the Trump administration imposed tariffs on foreign-made washing machines, which are sold by Home Depot. That means China's imports of U.S. goods are so small that Beijing "cannot match fresh United States tariffs", said Vishnu Varathan of Mizuho Bank in a report.

From blue jeans to motorbikes and whiskey, the EU's hit-list of products targeted the most emblematic of American exports.

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Europe also is anxious Washington will follow up on a threat to impose punitive levies on imported cars, something the powerful German auto industry particularly fears.

"We have been very clear and detailed regarding the specific changes China should undertake".

City traders will be trudging wearily to their desks this morning after last night's gripping World Cup drama, and worrying about the impact of a US-China trade war.

Unlike Trump, Chinese leader Xi Jinping doesn't need to worry about midterms or congressional oversight when he acts.

"This disruptive approach to trade policy endangers the gains that the $404 billion plastics industry has made as a result of this administration's achievements on comprehensive tax and regulatory reform", said Bill Carteaux, president and CEO.

Trump's push to ever-higher tariff threats is causing behaviour changes more than 8,000 miles from Washington.

Last year, for example, China imported nearly four times fewer goods to the USA than what it exported to America.

The National Association of Manufacturers also criticized the US decision, saying this latest round of tariffs could undermine the economic gains from the administration's tax and regulatory reform policies. While earlier tariffs were expected to have only a limited impact, economists warn a full-blown trade war could derail the strongest economic upswing in years. The US had said it would consider requests from some countries to be exempted from other sanctions that it plans put into effect in November that prevent Iran from exporting oil.

- Iran - Trump announced in May he was abandoning the 2015 nuclear deal with Iran - which will mean new sanctions on Tehran and punitive measures for those who trade with it. Such a move could have a materially negative effect on USA stocks, Capital Economics says.

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