China says 'fully prepared' if trade war kicks off this week

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

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

China immediately said it would be forced to retaliate.

China will also return the favor - Beijing has announced plans to target US auto, aircraft, plastics and chemicals sectors - and "the imposition of tariffs will not solve the underlying Chinese distortive behavior", warned Linda Menghetti Dempsey, vice president of International Economic Affairs at the National Association of Manufacturers.

- At the Port of Oakland, towering stacks of containers moving on and off ships bode well for business, but Port officials say there is concern that the US tariffs on Chinese imports imposed Friday could threaten their bustling trade.

In addition to Friday's tariffs and in response to China's retaliation in June, Mr Trump has ordered tariffs on $200bn worth of imports and threatened tariffs on another $200bn. But the Trump administration has no aides or Cabinet members who can correct the president's misunderstanding. "If we don't find an exit ramp, this will accelerate like a snowball going down a hill".

Recent U.S. tariffs on steel and aluminum antagonized fellow developed nations and drew return fire from countries including the European Union and Canada.

Gao Han, a salesman at Beijing Chaoxing Seafood Company, which sells US lobsters, said that his firm was stocking up before the tariffs hit, but that if the issue persisted they'd have to raises prices or shift supply.

Any attempt to cut bilateral trade deficits by restricting imports from other countries or imposing high tariffs would only push up the price of imports or competing domestic products, thereby raising costs for USA consumers.

In areas as basic as new seeds and agricultural biotechnology, business groups complain Beijing blocks access to USA and other imports while it tries to build up alternative suppliers.

"It's only China", he added.

"There are those who believe the USA must lose and China must win", Li Xiao, a leading economics professor, said in a commencement speech last weekend at northern China's Jilin University. However, "given its scale and organizational skills, Chinese society has an unparalleled capability of diffusing and alleviating exterior impacts".

The EU has since been reported to be considering eliminating automobile tariffs to ease the tensions.

Travel adventure group involved in mishap, three dead
Banks says the families of those missing are being contacted and the RCMP will not be releasing their names at this time. The three missing were apart of a larger group of friends swimming in one of the pools at the top of the falls.

An American company that ships cherries to a coastal province in southeast China recently encountered a new hurdle at the border: Customs officers ordered a load into quarantine for a week, so it spoiled and was sent back to the United States.

In the broader economy, Chinese banks, airlines, farms and other industries need USA technology from jetliners to drugs to software.

So what can data tell us about the current trade conflict?

"In effect, the Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China", the state-run China Daily newspaper said in an English language editorial on Friday. Failure that brings economic pain could cost Republican seats in November's mid-term elections. This is a country on what it views as a historic mission to become a 21st century economic power, and the contest is just beginning.

The White House did not respond to requests for comment. "I think it is better to do it now that five or 10 years from now", said Stephen Moore, an economist at the conservative Heritage Foundation who is close to the president.

"We can expect further damage to the USA economy, workers, companies and consumers", he said. The International Monetary Fund warns an extended spat could undermine the strongest global expansion since 2011.

The extent of the economic damage will depend on how far both sides go.

Beijing has vowed to respond immediately with an equal amount of tariffs of its own against U.S. autos, agricultural and other products.

But economists also say the trade war comes as the period of synchronized expansion among the world´s largest economies, which is bolstering demand for U.S. goods and services, may be starting to run out of steam, raising the risks that tariffs could harm growth.

At 12:01 am in Washington - 4pm New Zealand time - tariffs of US$34 billion came in to force on Chinese goods. But he doesn't "see the war ending until there are casualties".

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