China vows to fight US tariffs to the end

China vows to fight US tariffs to the end.

Chinas commerce ministry on Tuesday vowed to fight US tariffs "to the end", after US President Donald Trump threatened fresh levies of 50 percent on imports from the worlds second-largest economy.
"The US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the USs blackmailing nature," a ministry spokesperson said.
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A diplomatic reset wrapped in contradiction
China vows to fight US tariffs to the end
Chinas commerce ministry on Tuesday vowed to fight US tariffs "to the end", after US President Donald Trump threatened fresh levies of 50 percent on imports from the worlds second-largest economy.
"The US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the USs blackmailing nature," a ministry spokesperson said.
Google News LinkFor all latest news, follow The Daily Stars Google News channel. "China will never accept this," they said.
"If the US insists on going its own way, China will fight it to the end," the spokesperson added.
"If the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests," they said.
Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party.
As the trade war escalates, Beijing -- Washingtons major economic rival -- unveiled its own 34 percent duties on US goods to come into effect on Thursday.
Chinas commerce ministry also on Tuesday reiterated that it sought "dialogue" with the United States, and that there were "no winners in a trade war".
China calls US tariffs bullying Trump tells Americans not to be stupid Threats and pressure are not the right way to deal with China, a Chinese foreign ministry spokesperson said yesterday after describing US President Donald Trumps "reciprocal tariffs" as bullying.
The tariffs are "typical unilateralism and protectionism, and economic bullying", spokesperson Lin Jian told a regular press conference.
Last week, Trump introduced an additional 34% tariff on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54%.
China retaliated with a series of countermeasures.
"The abuse of tariffs by the United States is tantamount to depriving countries, especially those in the Global South, of their right to development," Lin said.
Stock markets and oil prices collapsed further yesterday for markets as Trump stood firm over his tariffs despite recession fears.
Hopes that the US president would rethink his policy in light of the turmoil were dashed Sunday when he said he would not make a deal with other countries unless trade deficits were solved.
"Sometimes you have to take medicine to fix something," he said of the ructions that have wiped trillions of dollars off company valuations, which impacts the retirement savings of a large number of Americans.
Yesterday, Trump told Americans "Do not be Weak! Do not be Stupid!... Be Strong, Courageous, and Patient, and GREATNESS will be the result!"
China retaliates over Trump tariffs Stocks, oil plunge again amid fears of trade war, global recession
China announced 34 percent tariffs on US imports yesterday, the first major economy to fire back against President Donald Trumps new levies in an escalating global trade war that sent markets deep into the red.
Countries and companies alike weighed their options, and the EU readied for talks with US officials. Potential responses could include retaliatory tariffs or other measures that could escalate a trade war that has raised fears of recession.
China -- one of the United Statess top trading partners -- was first, announcing that tariffs of 34 percent on all American imports would come into effect from April 10 and saying it would file a suit at the World Trade Organization (WTO) over the tariffs.
It also said it would impose export controls on a number of rare earth elements used in medical technology and consumer electronics.
Asian and European stock markets added to their losses after a bloodbath on Thursday that sent New Yorks broad-based S&P 500 index down 4.8 percent, its biggest drop since the Covid-19 pandemic in 2020.
In Europe, Frankfurt sank by five percent after midday on Friday while Paris shed more than four percent and London was down almost 3.8 percent.
Tokyos Nikkei index closed 2.8 percent lower, with Prime Minister Shigeru Ishiba describing Trumps tariffs as a "national crisis".
Trump goaded a "panicked" China after china retaliated with additional tariffs.
"China played it wrong, they panicked -- the one thing they cannot afford to do!" Trump posted on Truth Social, writing the message in his trademark all-caps.
On Thursday, Trump dismissed the turmoil, insisting to reporters as he left for a weekend at his Florida golf resort that stocks will "boom".
Trump announced 10 percent import duties on all nations, due to kick in on Saturday, and far higher levies on imports from dozens of specific countries taking effect next week.
Countries have slammed the tariffs but, with the exception of China, have so far withheld retaliatory measures, offering talks with the United States.
EU trade chief Maros Sefcovic is due to speak with US counterparts yesterday after Trump hit the 27-nation bloc with a 20 percent tariff.
Sefcovic said on Thursday the EU would act in "a calm, carefully phased, unified way" and allow time for talks but he also warned the bloc "wont stand idly by, should we be unable to reach a fair deal".
France and Germany have said the EU could respond by imposing a tax on US tech companies.
Economy Minister Eric Lombard urged French companies to show "patriotism" after President Emmanuel Macron argued it would send the wrong message if they pressed ahead with investments in the United States.
Lombard said the EUs retaliation would not necessarily involve tit-for-tat tariffs and could use other tools, pointing to data exchange and tax as levers that could be used.
In Tokyo, Ishiba called for a "calm-headed" approach to negotiations with Trump, who targeted Japanese products with a 24 percent levy.
Local media reported that Japanese officials were attempting to organise a call between Ishiba and Trump, who held apparently friendly talks at the White House in February.
The dollar was steadier against main rivals, having fallen sharply Thursday on fears of a recession in the United States.
But oil futures plummeted around seven percent, having already plunged some six to seven percent Thursday on the prospect of weaker demand.
News that OPEC+ had unexpectedly hiked crude supply more than planned added to the steep selling.
The price of traded copper -- a vital component for energy storage, electric vehicles, solar panels and wind turbines -- tumbled more than five percent.
Meanwhile, JP Morgan ratcheted up its odds for a US and global recession to 60%, as brokerages scrambled to revise their forecast models with tariff distress threatening to sap business confidence and slow down global growth.
"Disruptive US policies have been recognised as the biggest risk to the global outlook all year," the brokerage said in a note on Thursday, adding that the countrys trade policy has turned less business-friendly than anticipated.
Separate tariffs of 25 percent on all foreign-made cars also went into effect this week, and Canada swiftly responded with a similar levy on US imports.
Stellantis -- the owner of Jeep, Chrysler and Fiat -- paused production at some Canadian and Mexican assembly plants.
Japanese carmaker Nissan yesterday said it would revise plans to reduce production in the United States.
The company also said it would stop selling two vehicle models in the US market that are made at a factory in Mexico.
Swedens Volvo Cars, owned by Chinas Geely, said it would increase its production of vehicles in the United States and probably produce an additional model there.
Trump says he wants to make the United States free from reliance on foreign manufacturers, in a massive economic reshaping that he likened to a medical procedure.
Amid howls of protest abroad, and even from some of Trumps Republicans who fear price rises at home, Commerce Secretary Howard Lutnick urged patience.
"Let Donald Trump run the global economy. He knows what he is doing," Lutnick said on CNN.
Republican Senator Mitch McConnell broke ranks with Trump, slamming tariffs as "bad policy".
Preserving long-term prosperity "requires working with our allies, not against them", McConnell said.
Ngozi Okonjo-Iweala, head of the WTO, which helps manage global trading, warned the upheaval may lead to contraction of "one percent in global merchandise trade volumes this year".