Trump hit back again late Thursday, instructing trade officials to consider tariffs on an additional $100 billion in imports.
"If the United States side disregards opposition from China and the worldwide community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost", the Commerce Ministry said in a statement.
"We want to sell more goods around the world", said Mnuchin, who repeatedly pointed to the disparity in the US-China trade relationship. Responding to the Trump administration's controversial tariff on steel and aluminium, China has proposed tariffs on 128 USA products worth $3 billion. The chief target was China, which answered with tariffs on USA pork, fruit and nuts. "If the United States announces an additional $US100 billion ($130 billion) list of tariffs, China has already fully prepared, and will not hesitate to immediately make, a fierce counterstrike".More news: Malaysian PM announces dissolution of parliament amid crackdown on freedom of speech
"Economic data and forecasts from the IMF, OECD, World Bank and others have been revised steadily upwards over the a year ago, which would tend to indicate a sustained recovery of trade in 2018 following strong trade growth in 2017", Agah said. Global stock markets were unhappy with the turn of events as Wall Street dropped more than 2%, following European and Asian markets lower.
China commented on Trump's announcement saying it was fully prepared to respond.
Asked in an interview with NY radio station WABC about the effect on United States stock markets, Trump said the market has gone up (since he took office) "so we might lose a little bit of it".
The US and China have announced tariffs on each other's goods recently, and have threatened to impose more.More news: Oxlade-Chamberlain silences doubters for sweet redemption
Despite the mounting tension, the United States president said his country is not in conflict, Bloomberg said. On Friday, White House economic adviser Larry Kudlow told reporters that talks are ongoing, and disputes could be sorted out within a matter of months.
The U.S.is targeting China for unfair trade practices and the trade deficit. The issue has been extensively discussed by officials, including the president and foreign minister, as well as in opinion commentaries ("China voice: Ten reasons China, U.S. can avoid Thucydides Trap", Xinhua, 2017). Other U.S. carmakers such as General Motors and Ford Motor also manufacture in China.
He also said no negotiations were likely in the current circumstances. Already in the crosshairs of Chinese retaliation are U.S. exports of $6 billion in motor vehicles and $16 billion worth of civilian aircraft.
Although the implementation of tariffs is still some time away, futures markets and the stock market have felt the effects. "And it may eventually lead to the liberalization of trade and even to the isolation of the United States from global processes", he said, adding that the U.S. may end up being excluded from the liberalization of trade despite championing this process for a long time.More news: Buses in Syria's Eastern Ghouta for more evacuations
"We are exporting out pipes and tubes to the USA, but we are not dependent on America as we have got other markets, which we are been developing for the last few years".
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