"No one will emerge as a victor from trade war, it benefits no one".
What tariffs are now in effect?
Chinese Commerce Ministry spokesman Gao Feng said that the proposed US tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.
Russian Federation is introducing extra duties on a range of products imported from the U.S. that can be replaced by locally made equivalents.
Opening shots were fired at 12.01am this morning as Washington stuck to its deadline and began imposing tariffs on $34bn of Chinese goods.
Germany is infuriated by Trump as he has threatened to impose 20 percent of tariffs on German cars, which form the backbone of the German manufacturing sector. The Chinese authorities have imposed 25% duties on imports from the United States worth about $34 bln a year, according to a statement by the Main Customs Administration of the People's Republic of China. Friday, Washington time, on $34 billion of annual imports from China.
"You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok? So we have 50 plus 200 plus nearly 300".
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Trump and his advisers argue the tariffs are necessary to pressure China into abandoning unfair practices such as stealing intellectual property and forcing American companies to hand over valuable technology, reports CNN.
Businesses around the United States told the central bank that spending plans had been scaled back or postponed and they also warned of further adverse effects from the trade conflict, according to a Federal Reserve survey. If the U.S. and China cool off after a first round of tariffs, the fallout will be modest, according to Bloomberg Economics. The Trump administration wants China to back off from its industrial espionage and is willing to trade some blows in the short run to succeed.
The tension between these factions is occasionally on display in the West Wing. "It's not clear to anybody, I don't think, what the end game is here, what President Trump hopes to accomplish".
Numerous farmers interviewed on their properties voted for Trump.
What do China and Russian Federation say?
But, the longer the trade war goes on, the more severe the impact could become, the spokesperson said.
Similarly, China is placing 25% tariffs on a host of goods including crude oil and soybeans.
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Asked whether US companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.
Analysts said that for companies with supply exposure to tariffs, they will move sourcing country of origin if they can; and if they cannot, they will pass on as much of the tariff cost as they can, or see a cut in margins.
Will there be a full-scale trade war?
"But it is applying the brakes to a global economy that has less durable momentum than appears to be the case".
The first round targets Chinese industrial goods, not consumer products, in an attempt to limit the impact on USA households, but companies that rely on Chinese-made machinery or components may eventually have to pass along increased costs to customers.
Lynn Rohrscheib, chairwoman of the Illinois Soybean Growers, who farms near Moweaqua, called Friday for a return to free trade and access to the Chinese market. The Shanghai Composite closed 0.5% higher, but ended the week 3.5% lower - its seventh consecutive week of losses.
The S&P 500 on Friday rose 23.21 points, or 0.8 percent, to 2,759.82, an increase of 1.5 percent from a close of 2,718.37 on June 29.
Japan floods leave at least 64 people dead and scores missing
In Hiroshima Prefecture, emergency services have received reports that residents were buried alive as they were hit by landslides. Katsura river is seen swollen due to a heavy rain in Kyoto, western Japan Friday, July 6, 2018.