The Chinese vice-minister of commerce said Beijing is ready for a trade war with the United States, albeit reluctantly, if Washington is looking for a fight.
"If the U.S. side disregards opposition from China and the worldwide community and insists on carrying out unilateralism and trade protectionism, the Chinese side will follow through, at any costs, till the end", the Ministry of Commerce said in a statement yesterday.
Party mouthpiece People's Daily also alluded to the shifting Sino-US economic relationship, and that Mr Trump's latest threat showed the US' "sinister intention of using a trade war to contain China's development". The next day, China fired back, matching Trump dollar-for-dollar with a plan to impose import duties on $50 billion worth of American products.
China has threatened its own tariffs on US products like pork and soybeans.
But Chinese tariffs aren't the only ones that will hurt USA companies - Trump's own import taxes could also be a self-inflicted wound. President Donald Trump on Thursday said he would consider adding another $100 billion worth of products to the list of Chinese imports potentially subject to tariffs.
That is doubly true in a potential trade war with China, for several reasons. But given every single political economy decision we've made post-millennium explicitly denied the possibility of, and leveraged us to, any ultimate economic (or broader strategic) contest between the USA and China, it's all a bit of a dark joke to tell us to do it today.
"In 2016, Limestone County produced the most soybeans in Alabama with 2.2 million bushels", according to the Alabama Farmers Federation.
On a NY radio show, the president said short-term economic pain would be worth it. Amid widespread concern and calls for restraint from USA businesses and farm states that are most vulnerable to Chinese retaliation, Trump said on Friday the outcome would be worth the short-term risk. The US has a trade deficit of $375 billion with China and the ongoing trade war would undermine the interests of its farming community, technology companies, automakers, pharmaceuticals and aircraft manufacturers. Taxes will become reciprocal and a deal will be made on intellectual property.
"The American agricultural sector is quite influential in the Congress", said Wang Yong, a professor of economics at Peking University, explaining why China has targeted farm products such as soybeans with possible retaliatory tariffs. Within hours Beijing retaliated with the promise to hike levies on $50 billion worth of U.S. imports by 25 percent.
Meanwhile, Larry Kudlow continued to do the media rounds. In a double whammy to United States industry, our own government is threatening to impose 25 percent tariffs on a range of industrial goods and machinery imported from China.
Nearly by definition, trade wars are negative-sum games and, as such, the chief antagonists would suffer, according to Dr. James Jingdong Wang, associate professor at City University of Hong Kong.
"Raw material prices, already on an uptrend since mid-2017, will likely be pushed up further as hoarding and speculation take place in anticipation and reaction to tariffs", he added. "They are bad economic policy, and both sides have got far too much to lose to build this trade skirmish into an all-out trade war", said David Kelly, chief global strategist at J.P. Morgan Asset Management.
However, he said the White House is willing to negotiate and is in regular contact with Chinese officials.
The estimated value added in American exports to China accounts for only 0.5% of total value added in the United States economy.
Khan, 52, was found guilty of violating wildlife laws by killing a blackbuck, an endangered species of antelope, in 1998. The other four accused - actors Saif Ali Khan , Tabu, Neelam, and Sonali Bendre - were acquitted in the case.
The court also made a decision to rule out the charge of rebellion, which Spain had included in the extradition request. Mr Puigdemont entered Germany on his way back from Finland to Belgium, where he had been living in self-imposed exile.
A man walks on the rubble of damaged buildings in the besieged town of Douma, eastern Ghouta, Damascus, Syria , March 5, 2018. It is also unclear whether all of the Army of Islam fighters have agreed to leave and how long the evacuations will take.
New York Attorney General Eric Schneiderman speaks at a news conference after a DACA hearing at a Brooklyn court on January 30. Last week, Commerce @SecretaryRoss caved to political pressure and added a citizenship question to the #2020Census .
He said there had been a "definite improvement" on tackling burglaries in the area thanks to an active Neighbourhood Watch scheme. A 16-year-old boy found on Monday with bullet wounds, within an hour of another fatal shooting in London, died last night.
Or when Victor Oladipo made his first steal of the night, extending his steals streak to 61 straight games. Golden State guard Patrick McCaw will miss at least four weeks after being diagnosed with a bruised spine.
In other news, Bardi also speaks on her perceived beef with Nicki Minaj , which is an idea she's repeatedly shot down. The album which features 13 songs has some major names that were a surprise to fans who saw her initial track list.
She said that the quake was not strong enough to cause damage on structures. "We know that it's coming", Swindle said. The Ventura County Sheriff's Department told local media outlets there have been no reports of damage.
Despite the momentum boost, the Fighting Irish were in a good spot going into the third and didn't waste time proving it. Those two guys have been instrumental in our success. "The physical impact he had in that game set a tone for our team".
An athlete named Stephen Sebburn explained how the future princess asked about his family life and was "very open". This marks Meghan's first confirmed appearance as Prince Harry's wife and an official member of the royal family .
Zuma's day in court
Zuma, who resigned in February after losing the support of his party, the African National Congress (ANC), denies any wrongdoing. If it fails, Downer indicated that Zuma's lawyers would bring a further application for a permanent stay of prosecution.
Sikkim BJP celebrates 38th Foundation Day
The Bharatiya Janata Party (BJP ) will celebrate its 38th foundation day at Mumbai's Bandra Kurla Complex (BKC) ground on Friday. While the BJP has been working to unite society, the opposition wants to divide it, he said.
Late Sen. Mustapha Bukar Has Been Laid To Rest
Senator Bukar's death follows a string of two similar losses that the National Assembly has suffered in recent weeks. On March 17, a senator representing Bauchi South, Ali Wakili, died at the age 58 after a brief illness.