US, China enter tense stand-off as trade war looms

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President Donald Trump has slapped tariffs on $50 billion worth of Chinese goods, taking aim at China's theft of USA intellectual property.

As per USTR, the American US consultation request identifies apparent breaches by China of WTO rules, harming the intellectual property rights of US companies and innovators.

Still, not all Chinese consumers viewed negatively the potential higher duties on USA fruit and nuts.

"I want to prove my patriotism with action, so I decided not to buy the iPhone X".

The inevitable fall in demand from a full-blown trade war would spell trouble for all the economies supplying the United States and China.

On the same social media platform, Deverbing wrote: "America is trying all kinds of ways to stop China from developing and they are scared of China becoming stronger and are trying to suppress China".

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He suggested that Taiwanese companies wait at least 45 days until details of the tariff plan are released before assessing its impact and planning their next move.

"China has sought to acquire US technology by any means, licit or illicit", James Andrew Lewis, senior vice president at the Center for Strategic and International Studies in Washington, wrote in a blog post Thursday.

"We are competing, and winning, with our exports to China growing nicely from zero to about 2.5 million boxes per year", said Jim Bair, CEO of the U.S. Apple Association, a trade group.

Unlike Wu, Lee did not believe a potential trade war between China and the United States would last long because it will hurt both Chinese exporters and American consumers and companies.

Trump has given his administration 15 days to come up with a list of tariffs, after which there would be 30 days of public consultation, and nearly certainly intense lobbying from within the United States.

China's commerce ministry warned it could impose tariffs on U.S. pork, fresh fruit, nuts, ginseng, wine and aluminium scrap if a negotiated agreement could not be reached.

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While China is the world's largest steel producer, it accounts for less than one percent of U.S. imports and sells only 10 percent of its wrought aluminium overseas.

"We're looking at the [proposals] as a way to get China to the table now", said Peter Donisanu, a Wells Fargo investment strategy analyst, in an interview.

China is unlikely to respond until Washington acts but might launch an investigation of imports of US corn and soybeans "as a warning shot", said Parker.

Hu Xijin has been the editor-in-chief of the Global Times since 2005.

"There is an old, but very applicable Chinese proverb that states that "the conceited troops are destined to lose".

The European Union and other trade partners dismiss that as an excuse and say the US merely wants to give its companies a boost.

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Global stocks have plummeted as fears rise that the confrontation could provoke a damaging trade war. While both China and the United States are economically resilient, one will invariably fail and that will result in political backlash.