With duties the US fires the world, including itself
The prepared duties by the US on Chinese goods will harm businesses around the world, as goods worth 20 billion USD are produced by foreign companies in China. This was stated by the Chinese Ministry of Commerce, according to which the affected companies will also include American ones.
"The United States is launching a fire against the world, including against itself", said the spokesman of the Chinese Ministry of Commerce. He did not answer questions about whether China would respond the actions against Chinese companies, but said the government would work to ease the impact of the trade war on foreign companies doing business in the country.
From midnight on Friday, July 6, the new customs regulations have to enter into force in the United States. The new duties will cover Chinese goods worth 34 billion USD. In response, Beijing is expected to introduce reciprocal charges after the Washington measures come into force. Among the affected US goods are sports cars, soybean, and other crops.
Beijing has repeatedly indicated that it does not intend to make the first shot in the trade conflict, but said they would respond if the US did not give up its intention to attack them with duties. At the same time, the administration in Washington threatens that if Beijing responds, more taxes will be introduced, but this time on goods worth 400 billion USD.
"The position of the Chinese government has been repeatedly stated. We will absolutely not make the first shot and we will not impose customs measures before the US", said also the Ministry of Commerce.
Earlier, Chinese Foreign Ministry spokesman said his country is already ready to act, although it does not confirm when it will be.
Posted from my blog with SteemPress : http://financeandmarkets.com/with-duties-us-fires-world-including-itself/