United States tariff plan could benefit 'Made in Taiwan' products: scholars

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China warned the United States on Friday that it was "not afraid of a trade war" as it threatened tariffs on $3 billion worth of USA goods in retaliation over the U.S. measures.

The state-run Global Times said China was only just beginning to look at means to retaliate, following the announcement of its initial response.

The Commerce Ministry said higher duties on pork, apples, steel pipe and other goods would offset Chinese losses due to Trump's tariff hike on steel and aluminum imports.

China has assembled a list of 128 USA products in total that could be targeted if the two countries are unable to reach an agreement on trade issues, the ministry added.

Critics slammed the plans as intrusive and trade-inhibiting, and industry organizations, including the U.S. Chamber of Commerce, say they are concerned over unfair advantages for Chinese companies and trade barriers.

Earlier on Friday, US President Trump signed an order that could also result in restrictions on Chinese investment in the US, saying it would be the "first of many" trade actions.

In a statement, the USTR said China also appears to be breaking WTO rules by imposing mandatory adverse contract terms that discriminate against and are less favorable for imported foreign technology.

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Mr Trump launched his protectionist agenda earlier this month - levying 25% tariffs on steel and 10% on aluminium - in a move created to save USA jobs but which critics fear could backfire and the Bank of England on Thursday warned risked damaging global growth. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text.

Trump had also threatened more tariffs in a war of words with European Union that many feared would escalate into economic blows, with EU also promising retaliations against billions of dollars of American products.

The latest proposed Chinese tariffs would add a 25% charge on pork and aluminium scrap, mirroring Trump's 25% duty on steel, according to the Commerce Ministry. "And knowingly, we always have a minority, and it's not fair", President Trump said.

Trump prefaced his trade action by insisting he views China as a "friend" and said he has "tremendous respect" for Chinese President Xi Jinping, as he flicked to China's support in pressuring North Korea to denuclearize.

Within 15 days, a proposed list of products to be hit with tariff increases will be announced, the Washington Post reported.

Trump's move on Thursday was seen as a direct shot in a brewing trade war between the world's two biggest economies.

He doubted the trade dispute between the United States and China will be settled soon because the USA has a huge trade deficit with China that can not be rectified within a short period of time.

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The Commerce Ministry said the higher US tariffs "seriously undermine" the global trading system.

The US tariffs are a response to allegations of intellectual property theft by China.

One of the most recent high profile examples of theft of USA intellectual property happened earlier this year.

Markets will be watching to see whether the fracas escalates to include bigger-ticket items like massive USA sales of aircraft and soybeans to China, Zhang said.

Navarro said the United States was "simply strategically defending itself against this particular form of economic aggression" and said the tariffs were neatly tailored to "correspond to the harm" Chinese actions with regard to intellectual property have done to the US.

The US has complained for years about China's sharp-elbowed trading practices, accusing it of pirating trade secrets, manipulating its currency, forcing foreign companies to hand over technology, and flooding world markets with cheap steel and aluminum that drive down prices and put US manufacturers out of business.

The Section 301 investigation report "violates worldwide trade rules and is beneficial to neither Chinese interests, U.S. interests nor global interests", Xinhua cited Mr Liu as saying.

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