China warns its citizens: Travel to USA carries high-cost risks

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"We absolutely will not fire the first shot, and will not implement tariff measures ahead of the United States doing so", China's finance ministry announced on Wednesday. A Reuters analysis found just 1% of the 1,102 categories of products imported from China to the USA are consumer goods.

The Chinese government is "fully prepared to take a package of necessary measures" to safeguard its national interests if a full-blown trade war breaks out between the world's two biggest economies, said foreign ministry spokesman Lu Kang.

"There is a lot of concern I think about the effect a long term trade war might have but actually if you look at the data we're seeing, the economic data is not that bad", said Michael Hewson, chief markets analyst at CMC Markets in London.

"Generally speaking we're not going to get caught up in the tariffs the U.S. is applying to China because we have a different export profile", said Jacobi, who is executive director of the NZ International Business Forum.

China banned all group tours to South Korea for part of 2017 in the wake of Seoul's decision to install the US Terminal High Altitude Area Defense system, which has a powerful radar that Beijing worries can penetrate Chinese territory.

China will impose the taxes on a total of $34 billion worth of US goods.

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 Chinese yuan managed a strong bounce on Wednesday, as it extended a recovery from an 11-month low after the central bank sought calm nervous markets and stem the currency's recent tumble.

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China has issued a safety warning to its citizens travelling to the United States amid rising tensions between the sides over accusations of unfair trading practices and other disputes.

"China and European countries are natural partners", it said.

"Public security in the United States is not good".

"With strong manufacturing capability and huge market potential, China's development is hard to suppress".

"The Chinese government has stated its position many times that we will absolutely not fire the first shot, and we will not impose tariffs ahead of the U.S.", it said in a brief statement on Wednesday afternoon.

A US industry source said: "There is a 99 percent chance that tariffs go into force on Friday".

Brussels officials are looking to negotiate a new deal with the US President, who is a fierce critic of the EU's trade policy.

A senior Western diplomat told Reuters that there was no sign of any talks at the moment between the two countries, even via back channels.

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