Time difference gives China head start on tariff war with U.S.


He made the assertion to reporters in Beijing amid uncertainty in the Chinese capital around President's Trump's threat to begin imposing on Friday some $34 billion in tariffs on imports from China to the United States as part of the administration's push to address a U.S.

US companies ranging from whiskey distilleries to automakers like Ford and Tesla could be hit if China ramps up retaliatory measures.

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

"If the USA implements tariffs, they will actually be adding tariffs on companies from all countries, including Chinese and U.S. companies", Gao said.

Economists have for months warned of the potential damage to the USA and global economies from aggressive trade policies that evolve into protectionism, which would raise prices and upend global supply chains.

In a commentary on Wednesday, China's official Xinhua news agency said China and Europe "should resist trade protectionism hand in hand". "Simply put, the U.S. is opening fire on the whole world, and also firing at itself".

"We will continue to assess the potential impact of the USA -initiated trade war on companies and will help companies mitigate possible shocks".

The official China Daily has taken another swing against the U.S. policy.

He emphasised that United States tariffs on Chinese exports will hurt both Chinese and foreign firms.

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On June 15, the Trump administration said it would introduce additional 25-percent duties on 818 items of Chinese imports worth $34 billion on July 6.

President Donald Trump has accused China of unfairly acquiring USA technology and limiting market access for finance and technology firms - claims that China denies.

The Central Bank of Nigeria is wooing local businesses importing goods from China to use the yuan instead of the United States' dollar in its effort to support the naira and boost reserves.

"With strong manufacturing capability and huge market potential, China's development is hard to suppress". Reports indicate that Beijing's tariffs on an equivalent price of US imports are poised to kick the same day.

Starting Friday, the US will tax 818 Chinese products, worth $34 billion a year, from the original list.

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

"U.S. citizens visiting or residing in China have been arbitrarily interrogated or detained for reasons related to 'state security, ' " the State Department advisory said.

As traditional alliances fray, Liu He has said privately that his country is ready to set out for the first time what sectors it can open to European investment at the annual summit, expected to be attended by President Xi Jinping, China's Premier Li Keqiang and top EU officials.

Tensions are high between the two countries over the threat of tariffs.