China announces list of 106 USA products in retaliatory tariffs

China fires back at Trump with the threat of tariffs on 106 US products, including soybeans

Chinese Vice Finance Minister Zhu Guangyao said at a news conference in Beijing that the period before the tariffs go into effect is the "time to negotiate and cooperate".

"The administration is rightly focused on restoring equity and fairness in our trade relationship with China", said the US Chamber of Commerce.

China said it will "take necessary measures to defend our rights" if it is hit with tariffs.

The larger concern, Ross said, is the protection of US intellectual property.

"I can understand the stock market anxiety".

The Trump administration announces punitive tariffs on about $50 billion in Chinese goods in retaliation for what it says has been the massive theft of intellectual property from American companies.

The Information Technology & Innovation Foundation (ITIF), a US technology think tank whose board includes representatives from top companies such as Apple Inc, Amazon Inc, Cisco Systems, Google, and Intel Corp, said in a submission to the USA government during the tariff investigation that 10 percent duties levied on Chinese ICT imports would slow the growth of US output by $163 billion over the next 10 years.

The dispute "may compel countries to pick sides", said Weiliang Chang of Mizuho Bank in a report.

Reciprocal action: China says the move "gravely violated" the values of the World Trade Organization. The economies of China and the U.S. are highly complementary, and "cooperation is the only right choice for the two countries", the MOC said. Among big technology shares, Facebook was down 1.7 percent. -China Business Council, an industry group.

In September 2015, then-President Obama and Chinese President Xi Jinping reached a watershed agreement to stop supporting cyber-enabled intellectual property theft against businesses in their respective borders. While industrial and chemical companies are falling sharply, consumer goods makers and some retailers are up.

Wang said the plan, which sets specific targets for domestic brands' share of some markets, should be seen as a guide rather than mandatory. "China's response is a surprise for some people", said Julian Evans-Pritchard, Senior China Economist at Capital Economics, noting that neither said had yet called for enforcement of the tariffs.

Those import taxes, announced Tuesday, target a wide array of Chinese technology, transport and medical products, including flat-screen TVs, air-combat simulators, bookbinding machines, centrifuges, malaria test kits, x-ray machine parts and flamethrowers.

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As for the scuffle with China, Kotok said he's hopeful that much of this is bluster from the Trump administration.

Affected products will include a wide variety of agricultural products such as soybeans, corn, beef, orange juice and tobacco.

And consumers are still likely to face higher prices for goods with tariffs in place than without them, said Victor Shih, a professor of political economy at University of California San Diego who studies China's financial industry.

China will lodge a complaint with the World Trade Organisation.

However, experts warn that 2018 could be a different story, calling a trade war between the two gargantuan economies increasingly likely. Regulators could withhold licenses or alter other conditions to hamper foreign business activity. Chinese officials did not set a date for implementation, saying what happens next will depend on whether the USA president pushes ahead with his tariff plans.

In a separate dispute, Beijing raised tariffs Monday on a $3 billion list of US goods including pork, apples and steel pipe in response to increased duties on imports of steel and aluminum that took effect March 23.

Experts said Beijing's latest announcement could be an effort to push the United States into negotiating a deal to defuse the trade spat.

"The remaining products were ranked according to the likely impact on US consumers, based on available trade data involving alternative country sources for each product", the official, who spoke on condition of anonymity, told Reuters.

Last month, Trump described China's persistent activity as a threat to USA businesses, labeling it an unfair trade practice.

Washington is trying to promote technology exports to offset its imports from China and support higher-paying jobs.

The technology investigation was launched under a little-used Cold War era law, Section 301 of the U.S. Trade Act of 1974. Tech companies, including Advanced Micro Devices, also dropped.

The US was the destination for about 18.2% of all Chinese exports in 2016, according to the US trade department.

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