The Latest: China says tariff hikes on US goods took effect

July 06, 2018 - 4:26 am

WASHINGTON (AP) — The Latest on the U.S. increase in tariffs on Chinese imports and Beijing's countermoves in the trade and technology dispute between the world's two biggest economies that President Donald Trump says he is prepared to escalate.

4:30 a.m. (4:30 p.m. Beijing time)

China's foreign ministry says retaliatory tariffs on U.S. goods "took effect immediately" after Washington raised import duties on billions of dollars of Chinese goods.

A foreign ministry spokesman, Hu Chunhua, on Friday gave no details of the increase. But Beijing previously issued a $34 billion list of American goods including soybeans and electric cars it said would be subject to 25 percent tariffs.

Hu said, "after the United States imposed unfair tariffs on Chinese goods, our tariffs on part of the U.S. products also took effect immediately

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1:00 a.m. (1:00 p.m. Beijing time)

Asian markets appear to have taken in stride the U.S. move to raise tariffs on billions of dollars of Chinese products.

Just after the increase was due to take effect at midnight Friday Washington time, major benchmarks in China, Hong Kong, Japan and South Korea were steady.

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

Japan's Nikkei 225 index was up 1.2 percent by mid-afternoon Friday while South Korea's Kospi added 0.1 percent. The Shanghai Composite index slipped 0.3 percent and Hong Kong's Hang Seng lost 0.5 percent.

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12:16 a.m. (12:16 p.m. Beijing time)

China's says it is "forced to make a necessary counterattack" to a U.S. tariff hike on billions of dollars of Chinese goods but gave no immediate details of possible retaliation.

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.

A ministry statement said, "the Chinese side promised not to fire the first shot, but to defend the core interests of the country and people, it is forced to make a necessary counterattack."

Beijing earlier released a list of American goods targeted for possible tariff hikes including soybeans, electric cars and whiskey.

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