China talks tough on trade war, warns United States of countermeasures

US biz group opposes tariffs on China imports

Xinhua quoted Liu as telling Mnuchin the investigation into China's alleged breaches of intellectual property rights was against worldwide trade rules and "not beneficial to the global interest".

US President Donald Trump plans to slap tariffs on almost billion in Chinese imports.

"Trump's new protectionist policies are in contradiction with the stimulative fiscal policies driving up the trade deficit", said David Dollar, a former U.S. Treasury attache in Beijing and now a senior fellow at the Brookings Institution in Washington.

Meantime, China showed readiness to retaliate by declaring plans to levy additional duties on up to $3 billion of U.S. imports including fresh fruit, wine and nuts in response to imports tariffs Trump announced earlier this month on steel and aluminium, which were due to go into effect on Friday.

Xinhua says Liu told Mnuchin that the measure violates global trade rules, and is detrimental to the interests of China, the United States, as well as the whole world.

Both sides agreed to continue to communicate on the matter, Xinhua added. China called for dialogue, but also announced it would respond to earlier duties on metal exports with its own charges, on about $3 billion of US exports, and said it would pursue legal action at the World Trade Organization.

China's Commerce Ministry said Beijing was considering a tariff increase of 25 percent on pork and aluminum scrap, mirroring Trump's 25 percent charge on steel.

Lou, now chairman of the National Council for Social Security Fund (NCSSF), was speaking at the annual China Development Forum in Beijing on Saturday.

Williams estimated that the $506 billion that China exported to the United States drove around 2.5 percent of its total gross domestic product, and the $50-60 billion targeted by the USA tariffs contributed just around 0.25 percent. A probe was launched previous year under Section 301 of the 1974 U.S. Trade Act.

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The Chinese move appeared to be a warning shot aimed at increasing domestic pressure on Mr. Trump by making clear which exporters, including those in farm areas that voted for the president in 2016, might be hurt.

Boeing jets have also been often cited as a potential target by China. "China won't change its ways".

"I believe that a dialogue and maybe some adjustments in trade and trade policy can be in order".

Apple's Tim Cook called for "calm heads" amid the dispute.

China's retaliation against the US tariffs on steel and aluminum appeared restrained.

Beijing urges the U.S.to hold to previous undertakings, cease "any kind of official exchanges and interactions with Taiwan, and properly deal with the Taiwan-related issue with caution so as to avoid severe damage to the China-U.S. relations and peace and stability in the Taiwan Strait", Chinese foreign ministry spokesperson Hua Chunying said at a regularly scheduled briefing.

"Under such a scenario. a slowdown in trade, higher prices and weakening of business and consumer confidence would take a toll on economic growth globally", Moody's said.

"I don't think local governments in the United States and President Trump hope to see US workers losing their jobs", Sun Yongcai, general manager at Chinese railway firm CRRC Corp., which has two production facilities in the USA, said at the forum.

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