China says retaliation ready if US tariffs go ahead

Women are reflected on an advertisement for Apple's MacBook computer on display near a shopping mall in Beijing, Thursday, Sept. 6, 2018. China's government says it is ready to retaliate if U.S. President Donald Trump goes ahead with plans for another tariff hike on Chinese goods. The Commerce Ministry expressed confidence it can maintain "steady and healthy" economic growth despite their spiraling trade battle. (AP Photo/Andy Wong)

China says it will retaliate if Trump goes ahead with tariff hike on $200B of Chinese goods, expresses confidence economic growth can stay "steady and healthy"

BEIJING — China is ready to retaliate if U.S. President Donald Trump goes ahead with a tariff hike on Chinese goods and is confident it can maintain "steady and healthy" economic growth, a government spokesman said Thursday.

The Trump administration is poised to impose 25 percent penalties this week on $200 billion of Chinese goods in an escalation of their fight over U.S. complaints that Beijing steals or pressures companies to hand over technology. China has announced a $60 billion list of American products targeted for retaliation.

"China will have to take necessary countermeasures if the U.S. side ignores the opposition of the overwhelming major of its enterprises and adopts new tariff measures," Commerce Ministry spokesman Gao Feng said.

The two governments already have imposed penalty duties on $50 billion of each other's exports.

Beijing has rejected pressure to scale back plans for state-led development of champions in robotics and other technologies. U.S. officials say that violates China's free-trade commitments and worry it might erode American industrial leadership.

Some Chinese exporters say U.S. orders have declined, but Chinese leaders express confidence the economic impact will be modest. The United States buys about 20 percent of China's exports, but trade has shrunk over the past decade as a share of the Chinese economy.

"We are confident, capable and able to maintain steady and healthy development of the Chinese economy," Gao said.

You may also like these

China says it can't end North Korea nuke program...

Sep 12, 2016

China says the United States has inflamed the conflict on the Korean Peninsula and must carry the...

China says some factories have violated anti-smog...

Jan 3, 2017

China's environmental ministry says an unspecified number of companies have violated measures meant...

Asia shares falter as investors watch dollar,...

Jan 6, 2017

Asian shares are wavering as a weaker dollar discourages investors who are shying away from risky...

China exports shrink as Trump trade tensions loom

Jan 13, 2017

China's exports fell back into contraction again last month, signaling renewed weakness for the...

'One China principle' not negotiable, China tells...

Jan 16, 2017

Responding to remarks by Donald Trump, China's Foreign Ministry says the country's "one-China...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com