There are reports China is delaying U.S. imports from entering the country

Irving Hamilton
July 7, 2018

The tactics include forcing USA companies to hand over technology in exchange for access to the Chinese market, as well as outright cybertheft.

"While our 900 member companies continue to suffer from not having a level playing field in China, they are still extremely clear: Increased tensions in the U.S".

A U.S. -China trade war began one minute after the struck of midnight on Friday, as the Trump administration imposed tariffs on billions worth of Chinese goods.

Chinese exporters of tools, lighting and appliances say US orders have shrunk as customers wait to see what will happen to prices.

The National Retail Federation: "With tariffs against China taking effect, American consumers are one step closer to feeling the full effects of a trade war", Matthew Shay, president and CEO of The National Retail Federation, said in a statement Friday.

Ironically, Cohen says the victims of Chinese IP or intellectual property theft won't benefit from the tariffs. As an example, Chinese companies are reselling USA soybeans, and Chinese companies are expected to cancel most of the remaining soybeans they have committed to buy from the U.S.in the year ending August 31, once the extra tariffs take effect.

China's Ministry of Commerce said Friday in a statement that the USA had launched "the largest trade war in economic history".

Of course, there is a huge difference between a trade spat and an outright trade war. The Shanghai Composite index fell 1.1 per cent, after reaching more than a two-year low this week, while United States indices are expected to follow suit when they open later today. They also offered a rare moment of humor in an increasingly acrimonious row between the world's top two economies.

China's ruling Communist Party has insisted on making changes at its own pace while sticking to state-directed technology development seen as the path to prosperity and global influence. Beijing has announced reforms this year including ending limits on foreign ownership in its auto industry, but none directly addresses complaints that are fueling its conflict with Washington.

The first round of tariffs for American and Chinese goods goes into effect on Friday, officially plunging the two countries into a trade war that could end up undermining the USA economy.

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The US president said America might target Chinese goods worth $500bn - the total value of Chinese imports in 2017.

A long-threatened trade war between the USA and China got underway on Friday as the U.S. imposed tariffs on $34bn in Chinese goods.

Chinese President Xi Jinping (left) and US President Donald Trump in Florida a year ago.

Washington has strained relations with potential allies in its dispute with Beijing by raising import duties on steel, aluminum and autos from Europe, Canada, Mexico and Japan.

China has called the United States move "typical trade bullying" and warned that retaliation would be swift. "So we have 50 plus 200 plus nearly 300".

'There should be no doubting Beijing's resolve, ' the newspaper said.

Russian Federation says USA tariffs on steel and aluminium, introduced in March, will cost its companies more than half a billion dollars.

"There are no winners in a trade war", the chamber's chairman, William Zarit, said in a statement.

In the latest sign that the risk of penalties is hitting trade, a vessel carrying USA coal heading for China switched its destination to Singapore.

Nonetheless, despite the urging of business groups and lawmakers to negotiate a truce, there was little sign Friday that the two sides would reach a compromise anytime soon.

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