USA protectionism is self-defeating and a "symptom of paranoid delusions" that must not distract China from its path to modernisation, Chinese state media said on Friday (Jun 22). The EU implemented the tariffs a week earlier than expected, "a signal that the EU is striking back and taking this seriously", said economist Holger Schmieding at Berenberg Bank in London.
The majority of U.S. goods targeted by the European Union, such as tobacco, Harley Davidson motorcycles, cranberries and peanut butter, will now carry a tariff of 25%.
Canada has announced it will impose retaliatory tariffs on C16.6 billion ($12.5 billion) worth of US exports from July 1. South Africa and other African countries need to look at opportunities we can leverage from either countries at this particular time.
Brussels imposed the raft of duties on USA products worth 2.8 billion euros (USD 3.3 billion) in a tit-for-tat response to Trump's decision to slap stiff tariffs on European steel and aluminium exports.
The English-language paper cited research by the Rhodium Group saying that Chinese investment in the United States declined 92 per cent to US$1.8 billion in the first five months of the year, its lowest level in seven years.
However, many lawmakers have expressed concerns that the tariffs will escalate into a trade war that will ultimately hurt American interests.
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It had previously registered the move with the World Trade Organization (WTO).
Juncker said yesterday that the U.S. decision to impose tariffs "goes against all logic and history".
"It is deeply regrettable that the US has been capricious, escalated the tensions, and provoked a trade war", Gao said.
Although there has been no record of talks between the two countries since a deal to negotiate a reduction in America's trade deficit with China fell apart, some political analysts in the United States believe Trump may pull away from the tariffs before July 6. No other products have been listed twice and it now faces cumulative import duties of 71 percent, not including value added tax, according to a formula published on the website of China's finance ministry last week.
"We did not want to be in this position".