China on Tuesday vowed to retaliate against the United States and warned of "uncertainty" in trade talks after President Donald Trump targeted another $200 billion in Chinese imports with tariffs starting next week.
The Global Times tabloid, which is affiliated to the People's Daily, said the trade war was a chance to pursue greater global recognition of its financial markets and that it could open its A-share market more to listings by Western firms.
Economists at UBS Group AG say even a 10 percent tariff would slow the USA economy in the fourth quarter by enough to stop the Federal Reserve hiking interest rates again in December.
Beijing said it deeply regrets the need to act, with its Commerce Ministry adding that its actions "safeguard its legitimate rights and interests and the global free trade order".
"It will be a lot of money coming into the coffers of the United States of America", Trump said as he announced the tariffs at the White House.
"China has always managed to find the proper solutions to put its economy back on track", the China Daily said.
"We have been repeating that sound and steady development of China-US ties serves the fundamental interest of the two sides and what the worldwide community wishes to see".
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Commerce Secretary Wilbur Ross defended the new tariffs in an interview with CNBC, noting that China was "out of bullets" in the ongoing trade battle.
Former chief economic adviser Gary Cohn tried desperately to convince Trump that tariffs would cost jobs and investment and raise little revenue, at one point telling him that he had a "Norman Rockwell" view of an American economy that bore no relationship to the services-dominated U.S. economy today.
"Our concern with these tariffs is that the U.S. will be hardest hit, and that will result in lower United States growth and competitiveness and higher prices for USA consumers", Apple said in a letter commenting on the proposal. Beijing pushed back slapping tariffs on $50bn worth of U.S. goods. "They hope to change USA presidents", Xia argued.
"This administration very much likes the approach of: We want to talk to you and pressure you at the same time". Trump said China is "actively" trying to change the USA election by attacking these American workers "because of their loyalty to me".
"We have many tools in reserve and so our macroeconomic policies are able to manage difficulties and challenges", he said.
More Trump tariffs are on the way.
In competitive House districts, 42 percent of those surveyed said tariffs would be "good" for jobs in the USA, while 57 percent responded that they would be "bad". The administration is targeting a bewildering variety of goods - from sockeye salmon to baseball gloves to bamboo mats - forcing USA companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers. "So far, the trade conflict between the United States and China has had no visible impact on oil demand in either country". The tariffs will be imposed on thousands of consumer goods, including electronics, food, tools and housewares.
Smart watches and devices that use bluetooth wireless communications, the technology behind Apple's AirPods and other products that work with smartphones, will be excluded from the new tariff list.
No items were added, the officials said.