Chinese customs clears some USA goods as new tariffs take effect

U.S. tariffs take effect, China warns of 'counterattack'

USA officials accuse China of building its emerging industrial dominance by stealing the "crown jewels" of American technological know-how through cyber-theft, forced transfers of intellectual property and state-sponsored corporate acquisitions.

Customs officers had delayed the clearance of some USA goods on Beijing's penalty list last Friday, as they waited for official instructions from the central government on whether to start collecting the new import tariffs.

"If the U.S.is going to engage in a trade war, which is very troubling for China, politically, it's going to reduce their willingness to cooperate on North Korea", he said.

Chinese Prime Minister Li Keqiang says there could be no victor in a trade war with the United States, yet China has to introduce countermeasures against Washington, which on Friday hiked tariffs on Chinese imports.

Speaking to reporters on Friday, Pruzin also said the WTO had "no basis" to believe the US might pull out.

The tariff applies to prepared and preserved beef, represented $170 million of the $800 million in USA beef sales to Canada in 2017.

SEAFOOD companies in the United States are waiting anxiously this week to see what impact the growing trade war between Washington and Beijing will have on their businesses.

A 10 percent tariff is not a lot but added to a strong US dollar compared with the Canadian dollar, it makes USA product more expensive and less competitive, he said.

Jean-Yves Le Drian told France's RTL radio the policy could affect global growth and that pressure should be brought on the U.S.to avoid descending into an all-out trade war.

"The notion that there's a personal relationship which will somehow supersede China's strategic interests and the well-being of the Communist Party - including its ability to manage its own economy consistent with its political interests - is absurd", said Daniel Russel, top USA diplomat for East Asia under President Barack Obama.

Some Chinese ports had delayed clearing goods from the United States, four sources said on Friday.

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The steel and aluminum tariffs have drawn retaliation from a host of USA trading partners.

USA tariffs totalling $34 billion on Chinese goods have just come into effect. Trump said it was to protect US security interests.

Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum from several countries.

"Unfortunately we are the direct victims of trade retaliation", Kent Bacus, director of global trade and market access for National Cattlemen's Beef Association, said in the Beltway Beef podcast on Thursday.

At a media briefing, foreign ministry spokesman Lu Kang spoke of the "unfair tariff" actions.

Foreign companies accounted for $20 billion, or 59 percent, of the $34 billion of exports from China that would be subject to new United States tariffs, with USA firms accounting for a significant part of that 59 percent, Gao said.

The escalating fight between the world's two biggest economies meant that it could "take economic and political pain to get these two parties to the (negotiating) table", said Scott Kennedy, head of China studies at the Center for Strategic and International Studies in Washington.

The lack of any dramatic reaction suggests many market players have already factored the escalation in trade tensions into their trading strategies.

The Commerce Ministry on Friday criticized Washington for "trade bullying" following the tariff hike that took effect at noon Beijing time in a spiraling dispute over technology policy that companies worry could chill global economic growth.

US crude rose 1.22 percent to $73.83 per barrel and Brent was last at $77.07, down 0.41 percent on the day.

Japan's Nikkei stock index .n225 was 1.1 percent higher after closing at a three-month low on Thursday, while Australian shares .axjo gained 0.2 percent. For example, my vehicle is from America.

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