Retaliatory Measures Against US Tariffs Already In Effect, Says China

China rejects ‘blackmail’ on eve of US tariff hike

"We never wanted to see the escalation of trade frictions into a trade war".

China's Ministry of Commerce also said it would look to report the U.S.to the World Trade Organization (WTO) on Friday, accusing Washington of breaching global trade laws.

China implemented retaliatory tariffs on some imports from the U.S. Friday, state media reported, immediately after new U.S. duties had taken effect.

The United States imposed the first duties on $34 billion in Chinese goods early Friday, officially launching a trade war between the world's two largest economies.

Jacob Parker, vice president of China operations at the US-China Business Council in Beijing, said: "For companies with supply exposure to tariffs, they will move sourcing country of origin if they can".

China's commerce ministry earlier Friday accused the U.S. of launching the "largest trade war in economic history", saying it could trigger "global market turmoil".

The European Union, India, China and Russian Federation all have applied to the World Trade Organization to challenge the US tariffs, which mostly took effect March 23.

Tariffs on an additional $16 billion of Chinese goods are set to take effect in two weeks, President Trump has said.

It may be some time before the effect of the tariffs is clear. "There are lots of things they could do to make life hard for USA businesses operating in China that would be detrimental to us".

Analysts and businesses have expressed concerns about the impact on the U.S. The burden on U.S. consumers could be significantly higher if more taxes are imposed on cars and daily necessities imported from China, said Tai Hui, JP Morgan Asset Management's chief market strategist, in a note. The US trade deficit in goods with China ballooned to a record US$375.2 billion past year, stoking his ire.

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The Chinese government previously said that it will impose tariffs of equal size on USA goods as retaliation and reiterated that retaliation would come soon.

"China will feel some pain but not as much as these firms in the supply chain that contribute such a large share of the value added in Chinese exports", Peterson wrote.

The US industries facing tariffs include cotton, dairy, auto and soybeans - the United States' top agricultural export to China in 2017.

Trump maintains the tariffs will pressure China to address trade complaints from the United States, including intellectual property theft.

Accusing China of conducting "unfair" trade practices, Trump has pledged to protect US intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and increase access to the Chinese market for American products. The U.S.is effectively requiring Chinese leaders to abandon or scale back a high-tech push that they consider vital to their country's future.

While both governments were fighting fiercely, netizens in both China and the United States focused their attention on a cargo ship, Peak Pegasus.

MSCI's main European Index edged 0.1 percent higher and held below a two-week high hit in the previous session amid hopes of a rapprochement between the US and Europe on auto trade tariffs. Americans worry that rising Chinese technological prowess might erode US industrial leadership and prosperity.

This will be affected by how high individual tariffs are, and also if they are expanded to other countries like Canada, Mexico and the European Union.

"There should be no doubting Beijing's resolve", the newspaper said.

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