China warns U.S. is ‘opening fire’ on the world with tariff threats

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"In a statement released shortly after the midnight ET, China's Ministry of Commerce called the tariffs - which impose a 25% duty on $34 billion worth of Chinese exports to the USA - "typical trade bullying" and warned that retaliation would be swift".

China on Friday joined the trade war with the United States, by announcing it was ready for a long campaign after authorities in Washington declared a 25 % additional levy on Chinese products worth $ 34 billion. China was previously slated to begin imposing its tariffs about 12 hours earlier due to the time difference, according to multiple reports.

A 12:01 a.m. start on Friday in Beijing would mean it would take effect just after noon on July 5 in Washington.

Analysts say that the USA is targeting the Made-in-China 2025 project - an initiative that can make Beijing a market leader in sunrise hi-technology areas, including robotics, semiconductors, electric vehicles, drones and products powered by Artificial Intelligence (AI).

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China has said it will not "fire the first shot" in a trade war with the United States, but its customs agency made clear on Thursday that Chinese tariffs on American goods would take effect immediately after USA duties on Chinese goods are put in place.

Then, in a game of tit-for-tat, the U.S. plans to impose tariffs of 25 percent on $34 billion of goods from China's aerospace and information-technology sectors - as well as auto parts and medical instruments.

China's tariffs, on the other hand, will hit agricultural products like soybeans and pork. "If the U.S. is determined to escalate conflicts with China, then so be it".

"The U.S. has started the largest trade war in history", China's Ministry of Commerce said on its website, after President Donald Trump threatened to incrementally increase tariffs on the entire range of Chinese exports, worth more than $500 billion, in case Beijing retaliated.

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But the yuan rose sharply against the dollar on Wednesday after China's central bank chief vowed to maintain a stable exchange rate.

"It's only China", he added.

"We put a halt on all investment, not just because we will be losing money, but because we don't know if growing in the USA is the right move if we won't be an exporting country", Ken Maschhoff, co-owner of the country's largest family-owned pork producer, told CNBC. The tariffs are created to hurt parts of the U.S. that are politically aligned with Trump.

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