China accuses Trump of 'blackmail' after new tariffs threat

China accuses Trump of 'blackmail' after new tariffs threat

Underscoring the impact on Chinese companies from worsening Sino-U.S. relations, shares of ZTE Corp, the technology firm caught in the cross-fire of the trade spat between the two countries, slumped further on Tuesday. The administration also revived its complaints Tuesday about America's gaping trade deficit with China, which it says reflects an unfair trading relationship. (Seipi), the largest organization of foreign and Filipino electronics companies in the Philippines, concedes that the country's $33-billion electronics exports, which yearly account for at least half of outbound goods, would be severely affected by a US-China trade war. The tariffs were quickly matched by China on U.S. exports.

BEIJING-China fired back Saturday in a spiraling trade dispute with President Donald Trump by raising import duties on a US$34 billion list of American goods including soybeans, electric cars and whiskey.

The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports. Combined, the potential tariffs on Beijing could cover $450 billion - a sum equal to 89 percent of Chinese goods imported to the United States past year.

The planned new wave of tariffs would have to go through a similar process of public consultation and comment as the earlier ones before taking effect. China threatened to retaliate, leading Trump to propose broader penalties.

"Canada is not going to take advantage of the United States any longer". "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", Trump said in a statement.

US stock markets are opening sharply lower Tuesday as tensions over trade between the USA and China seem closer to a boil.

In New York, the Dow Jones industrial average ended down 287.26 points at 24,700.21.

The news hit stock markets in Asia, where Shanghai shed three percent in the morning, Hong Kong lost more than two percent and Tokyo was one percent lower. Aerospace giant Boeing fell 3.4 percent and DowDuPont slipped 3.3 percent.

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China's Commerce Ministry on Tuesday criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".

"Ultimately, a negotiated solution is likely - and this is what both the USA and China want - but the risks are high and the tariffs could well be implemented before the issue is resolved", said Shane Oliver, Sydney-based chief economist at AMP.

China has hiked its list of USA goods on which it said it would slap tariffs six-fold from a version released in April, but the value was kept at US$50 billion, as some high-value items such as commercial aircraft were deleted.

And U.S. companies have an increasingly sizable stake in the fast-growing Chinese market.

Economists have said the impact on the USA economy would be muted.

USA crude fell 1.15 percent to $65.09 per barrel and Brent was last at $75.10, down 0.32 percent.

The tariffs are "creating a whole new set of uncertainties on top of what's already there", Daniel Yergin, vice chairman of consultancy IHS Markit, said on Tuesday as he arrived in Vienna to attend this week's OPEC's International Seminar. "President (Donald) Trump is now working to re-shift this balance", Pompeo was quoted as saying. The next step will be for the Office of the U.S. Trade Representative to identify the Chinese goods to be penalized and to conduct a legal review.

However, none of the tariffs announced by the USA on Monday will take effect until industries and consumers have a chance to make their views known in a 60-day public comment period. The White House is finalizing a list of $16 billion in additional goods it will sanction later.

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