China ready to pay any price in trade war with US

China ready to pay any price in trade war with US

Amid rising concern about a possible trade war between the USA and China, Donald Trump said on Sunday Beijing will ease trade barriers "because it is the right thing to do", thereby allowing the economic superpowers to settle the disputes that have rattled financial markets, consumers and businesses.

China warned on Friday it was ready with a "fierce counter strike" of fresh trade measures if the United States follows through on President Donald Trump's threat to slap tariffs on an additional $100 billion of Chinese goods.

However, two of the president's top economic advisers simultaneously offered mixed messages as to the best approach to China, which has threatened to retaliate if Washington follows through with proposed tariffs. Treasury Secretary Steven Mnuchin (mih-NOO'-shin) told CNBC he was "cautiously optimistic" that the US and China could reach an agreement before any tariffs are implemented.

In response, China announced tariffs up to 25 percent on USA exports to China, including farm products, especially corn, soybeans and hogs, which come primarily from the Midwest.

"We are sealing up our Southern Border", Trump wrote.

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The President did not provide a reason for the statement or say whether China had indicated it planned to drop its tariffs. The US sold about $130bn in goods to China in 2017 and faces a potentially devastating hit if China responds in kind. "Great future for both countries!"

The White House said yesterday it has initiated a World Trade Organisation dispute against China and is examining potential restrictions on Chinese investment.

"China is guilty of many things, but the President has no actual plan to win right now". "The risk is that the threat-for-threat process spins out of control and we end up in a position in which leadership on both sides find it hard to negotiate to a suitable outcome", he said.

Chinese direct investment in the U.S. has grown quickly in the past decade to nearly US$70 billion, fast approaching the US$75 billion that the USA has invested in China over several decades.

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