China says will 'fight back firmly' if U.S. publishes additional tariffs

China has condemned Donald Trump's threat to impose 10 per cent tariffs on $200 billion worth of Chinese goods as "blackmail" and warned it was prepared to take countermeasures if Washington goes through with them. "Rather than altering those practices, it is now threatening USA companies, workers and farmers who have done nothing wrong".

Trump's latest salvo in a brewing trade war would mean a sizable amount of Chinese goods shipped to the US would be exposed to tariff threats and raises new questions about the impact on American consumers.

Such a step would be virtually unprecedented in US history and would put almost all of the $505 billion in products that the USA imports from China under trade restrictions.

China has hiked its list of US goods on which it said it would slap tariffs six-fold from a version released in April, but the value was kept at $50 billion, as some high-value items such as commercial aircraft were deleted.

The fact that America imports more from China will make it harder for Beijing to match Trump's attacks, according to Derek Scissors, a resident scholar at the conservative American Enterprise Institute in Washington who focuses on China.

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the USA and China.

And the China trade offensive is only one side of Trump's multi-front battle with all major USA economic partners.

"The latest headlines from Trump are pushing investors to risk-off-mode", said Shintaro Ikeshima, chief manager of forex and financial products trading division at Mitsubishi UFJ Trust and Banking Corp.

If implemented, Trump's tariffs would mean a sizable amount of Chinese goods shipped to the United States would be exposed to new tariffs and raises questions about the impact on American consumers. Another 114 product categories, including chemicals, medical equipment and energy industry products, will be "announced later", the Chinese state news agency Xinhua reported.

President Donald Trump just raised the stakes in the fight with China over trade. "Let's be clear: It's the most predatory economic government that operates against the rest of the world today".

"Unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports". After the U.S. Commerce Department officially determined China was using Vietnam to circumvent anti-steel dumping measures, Trump suggested that the U.S. may need a "different structure" in crafting a trade deal with China.

That being said, "China is going to retaliate", he added.

He said China's recent claims of "openness and globalization" are "a joke".

"I have an excellent relationship with President Xi (Jinping), and we will continue working together on many issues".

Pompeo on Monday described U.S. actions as "economic diplomacy", which, when done right, strengthens national security and global alliances, he added. "Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States". "We do our best to call out unfair economic behaviors as well".

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