U.S. officials listed $300 billion more of Chinese goods for possible tariff hikes while Beijing vowed Tuesday to B次元官网网址渇ight to the finishB次元官网网址� in an escalating trade battle that is fueling fears about damage to global economic growth.
The U.S. Trade RepresentativeB次元官网网址檚 Office issued its target list after Beijing announced tariff hikes Monday on $60 billion of American goods in their spiraling dispute over Chinese technology ambitions and other irritants. Chinese authorities were reacting to President Donald TrumpB次元官网网址檚 surprise decision last week to impose punitive duties on $200 billion of imports from China.
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B次元官网网址淐hina will fight to the finish,B次元官网网址� said a foreign ministry spokesman, Geng Shuang.
B次元官网网址淲e have the determination and capacity to safeguard our interests,B次元官网网址� Geng said. B次元官网网址淐hinaB次元官网网址檚 countermeasures have shown our determination to safeguard the multilateral trade system.B次元官网网址�
Trump downplayed the standoff that sent global markets plummeting to start the week, calling it B次元官网网址渁 little squabbleB次元官网网址� between friends.
The latest U.S. list of 3,805 product categories is a step toward carrying out TrumpB次元官网网址檚 May 5 threat to extend punitive 25% duties to all Chinese imports, the USTR said. It said a June 17 hearing would be held before Washington decides how to proceed.
The list B次元官网网址渃overs essentially all productsB次元官网网址� not already affected by punitive tariffs, the USTR said.
It includes laptop computers, saw blades, turbine parts, tuna and garlic. The USTR noted it excludes pharmaceuticals and rare earths minerals used in electronics and batteries.
B次元官网网址淭he risk of further escalation is far from over,B次元官网网址� said Timme Spakman of ING in a report.
Also Tuesday, ChinaB次元官网网址檚 tightly controlled social media were filled with comments lambasting Washington following weeks of little online discussion of the dispute. That suggested official censors might have blocked earlier comments but started allowing those that favour Beijing to deflect potential criticism of President Xi JinpingB次元官网网址檚 government.
The United States is B次元官网网址渟ucking the blood of the Chinese,B次元官网网址� said a comment left on the B次元官网网址淪trong CountryB次元官网网址� blog of the ruling Communist PartyB次元官网网址檚 newspaper PeopleB次元官网网址檚 Daily. Another comment on the site said, B次元官网网址淲hy are Chinese people bullied? Because our hearts are too soft!B次元官网网址�
Trump started raising tariffs last July over complaints China steals or pressures foreign companies to hand over technology and unfairly subsidizes businesses Beijing is trying to build into global leaders in robotics and other fields.
A stumbling block has been U.S. insistence on an enforcement mechanism with penalties to ensure Beijing carries out its commitments.
Odds of a settlement B次元官网网址渞emain high,B次元官网网址� said Mark Zandi of MoodyB次元官网网址檚 Analytics in a report. B次元官网网址淏ut suddenly a number of other scenarios seem possible, even one in which the U.S., China and the global economy suffer a recession.B次元官网网址�
Asian stock markets fell Tuesday as the fight, with no negotiated settlement in sight, though markets in the U.S. and Europe recovered some, but not all of the losses Monday, when the Dow plunged more than 600 points.
That came after ChinaB次元官网网址檚 Finance Ministry announced duties of 5% to 25% on about 5,200 American products, including batteries, spinach and coffee.
Joe McDonald, The Associated Press
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