China warns of 'counterattack' as U.S. tariffs take effect

China flag and the U.S. Stars and Stripes fly on a lamp post Pennsylvania in Washington

US 'firing at itself' with trade measures: China

All told, U.S. President Donald Trump has said he is prepared to levy higher taxes on up to $450 billion in Chinese imports, or almost 90 per cent of the goods China shipped to the United States past year.

"On July 6, the USA began to impose 25 percent tariffs on $34 billion worth of Chinese imports".

The Trump administration's tariffs on $34 billion worth of Chinese imports is set to kick in on Friday, with the president threatening to impose at least $450 billion worth of Chinese goods if Beijing retaliates. "Simply put, the U.S. is opening fire on the whole world, and also firing at itself", Gao said.

Beijing has accused the USA of "firing on the whole world" with the measures, pointing out that most of the Chinese exports under attack are largely made by companies with foreign investment - including from America.

The tariffs also made real a campaign-trail pledge for Trump, who has fulminated for years against what he describes as Beijing's underhanded economic treatment of the United States.

"China will not bow in the face of threats and blackmail", added Mr Gao.

Asked whether United States companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.

The shock of ZTE's clash with Washington might help Chinese planners by jolting local companies into cooperating more actively with initiatives to create tech suppliers, said IDC's Mr. Batra.

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Some businesses tried to persuade the Trump administration to back down by saying they'd be left with no choice but to consider reducing production, firing workers and even shifting operations out of the U.S. to account for the added costs from import tariffs. The Trump administration is reviewing whether to introduce duties on imported cars and trucks in a bid it says to protect USA national security.

Trump has warned that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount that the United States imported from China a year ago, according to Reuters.

"The reciprocal tariffs on US$50bn of goods in both directions will have minimal impact in China", Andy Rothman, an investment strategist at Matthews Asia, wrote in a blog this week.

Ahead of the tariffs, Chinese state media published a series of editorials criticising the U.S. and emphasising the country's readiness for a trade war.

China's central bank moved to calm jittery markets on Tuesday after the yuan hit its lowest level in nearly a year.

Hungary, whose biggest trading partner outside the European Union is the United States, enjoys large investment inflows thanks to a large manufacturing base, particularly in the auto sector.

Coupled with China's vow to retaliate, it has fueled fears the conflict could weigh on global economic growth.

On Thursday, China's state media lambasted the United States.

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In meetings in Brussels, Berlin and Beijing, senior Chinese officials, including Vice Premier Liu He and the Chinese government's top diplomat, State Councillor Wang Yi, have proposed an alliance between the two economic powers and offered to open more of the Chinese market in a gesture of goodwill.

"With strong manufacturing capability and huge market potential, China's development is hard to suppress".

"I would be ready to support negotiations on reducing tariffs, but we would not be able to do this only with the USA", she said, adding that all deals will be "common European position and we are still working on it".

"While the Trump administration is anxious about gains and losses, Chinese people have unfaltering confidence in China's future".

"Tariffs are always a tough thing to look at because unfortunately the consumer does get hurt, business like mine get hurt unintentionally in the process", Cohen said by phone.

Executives across industries have raised concerns about an increasingly hostile regulatory environment, he said.

The Chinese government responded quickly as US President Donald Trump's tariffs went into effect on Friday.

It would be impossible for China to match Trump's steeper tariff threats because they exceed the total value of China's imports from the US.

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A senior Western diplomat told Reuters that there was no sign of any talks at the moment between the two countries, even via back channels.

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