"A U.S. -China trade spat alone won't hurt global growth".
The Trump administration has "blood lust" when it comes to pushing its trade agenda against China and wants to "suck the lifeblood" from China's economy, a state-run newspaper said on Wednesday, stepping up the angry rhetoric over their dispute.
Beijing has responded quickly to Trump's new Órgado.
The US imposition of tariffs on a range of Chinese imports, which means an added tax on imported goods from China, was the first step in a series of measures announced by the Trump administration. "The problem is, such a tactic is unlikely to work with China", said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo. "However, confronted by such short-sighted act that hurts both U.S. itself and others, China has no choice but to fight back forcefully".
The move followed tariffs applied last week on $50 billion in Chinese imports to the US. Russian Federation has calculated the damage of its proposed tariffs to be about $537.6 million, while Oreshkin said Tuesday that the first stage of tariffs against the USA would amount to about $93 million. "If they thought that they could buy us off cheap with a few extra products sold and allow them to continue to steal our intellectual property and crown jewels, that was a miscalculation". "We hope going forward there are no more miscalculations".
The chamber also called for bilateral investment talks between Beijing and Brussels to be sped up to address the long-term concerns of European businesses over uneven treatment in regulation and investment.
But analysts say it's unclear which government will back down in the confrontation, predicting both economies will be able to withstand the initial waves of tariffs without much impact on overall growth.
In a speech to the Detroit Economic Club on Monday, Secretary of State Mike Pompeo accused China of "an unprecedented level of larceny", NPR's Michelle Kelemen reports. "But it's a joke", Pompeo said. "This is a problem that's long overdue in being tackled", Pompeo said in Detroit.
"One benefit of employing a CGE model is that it can model the effects of tariffs upon supply chains and this is crucial in regard to China, who have been termed the "Great Assembler".
"Our view is that these actions are necessary to defend this country and they are ultimately bullish for corporate America, for the working men and women of America, and for the global trading system", Navarro said.
"Trump's view that bullying and threats will advance USA long-term economic interests seems set to encounter a harsh dose of realism", said Eswar Prasad, professor of trade policy at Cornell University. The index is weighed down by the drop in stock prices across the USA industries. China retaliated by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.
Tariff worries dragged FedEx Corp down 2.0 per cent. The Russell 2000 index lost 10 points, or 0.6 percent, to 1,682.
For some companies, the exposure to China is far higher: USA tech giant Qualcomm generates 63 percent of its revenue in China and needs Chinese authorities to approve its takeover of semiconductor maker NXP.
Trump said in a statement he had asked the United States trade representative to identify the Chinese products to be subject to the new tariffs. He cited two reasons it posed an even larger indirect problem for U.S. firms.
If the U.S. goes ahead with the new $200 billion tariffs, they are more likely to be directly felt by individuals than the previous round.