President Donald Trump lashed out at China and on Twitter is urging US companies to consider an alternative to doing business in China.
China announced on Friday it will hit United States imports worth $75 billion with new tariffs as retaliation for Washington's planned tariff hikes, further intensifying the pair's bruising trade war. "I will be responding to China's Tariffs this afternoon".
"China's imposition of tariffs is a forced response to the unilateralism and trade protectionism of the United States", said the Communist Party-run Global Times.
The tech industry disagrees.
Neither the Alliance of Automobile Manufacturers nor the Association of Global automakers, however, addressed President Donald Trump'stweet about finding markets other than China.
Stocks had been wavering between gains and losses earlier after China said it would retaliate against the latest round of tariffs imposed by Washington with duties on $75 billion of USA products.
"China's decision to implement additional tariffs was forced by the U.S.'s unilateralism and protectionism", the Chinese ministry said in a statement, adding that its retaliatory tariffs would also take effect in two stages on September 1 and December 15.
The tariff hikes will be implemented in two batches and take effect at 12:01 p.m. Beijing time on September 1 and at 12:01 p.m. on December 15, respectively, the commission said in a statement.
China is also reinstituting an additional 25 per cent tariff on US-made vehicles and a 5 per cent tariff on auto parts that had been suspended at the beginning of the year.
The knock-on effects of the US-China trade dispute was a key reason behind the Fed's move to cut interest rates last month for the first time in more than a decade. Last month's meeting in Shanghai brought no results, and the date of next round of face-to-face talks has not been announced.
In Europe, the biggest beneficiary is France, but overall countries on that continent will benefit the least out of the China-U.S. economic conflict.
The talks are deadlocked over how to enforce any deal.
"China's adoption of punitive tariff measures is forced under the pressure of United States unilateralism and trade protectionism", the office said.
BMW, Tesla, Ford and Mercedes Benz are likely to be the hardest hit by the Chinese auto tariffs.
In 2018, BMW exported about 87,000 luxury SUVs to China from a plant near Spartanburg, South Carolina. Industrial production in China - an important indicator for the country's economy - grew just 4.8% in July compared to a year earlier, according to China's National Bureau of Statistics. "For the next top three, Chile, Malaysia and Argentina, the trade diversion is mostly additional China imports". But their lopsided trade balance meant China was running out of imports for retaliation.
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