"Imposing tariffs places the cost of China's unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers", said Thomas Donohue, president of the US Chamber of Commerce. In a joint news conference Thursday evening in Beijing, Chinese Foreign Minister Wang Yi said China and the United States have two options before them: one is "cooperation" and a "win-win" scenario and the other is "lose-lose". Earlier, Chinese officials warned of mirror measures, pledging to introduce import tariffs on U.S. goods such as automobiles, aircraft, and soybeans.
"These restrictions have drawn as much attention as tariffs, but are serious and likely a longer-lasting part of the U.S. pushback on China", Michael Hirson, head of Eurasia Group's China unit, said in a note to clients.
China said it would retaliate with $US50 billion in tariffs in response, rattling financial markets.
That doesn't appear to bhave deterred Beijing.
"It is deeply regrettable that in disregard of the consensus between the two sides, the USA has demonstrated flip-flops and ignited a trade war", the ministry said. It said a decision would be announced later.
The first set of tariffs contains 818 of the original 1,333 products included on the proposed list published in April, and covers approximately $34 billion worth of Chinese imports.
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China's heavily regulated economy also gives the ruling Communist Party additional options for retaliation by withholding approval for business activity.
Analysts, however, did not expect the USA tariffs to inflict a major wound to China's economy and said the trade dispute likely would continue to fester. Other companies say the approval process for licences has slowed down.
It's the latest round of tariffs imposed by the Trump administration, which hit US allies Mexico, Canada and the European Union with a round of taxes on steel and aluminum imports in May.
Earlier on Friday, China vowed to do just that, saying it would strike back, just hours before Trump's statement.
Companies also are watching the fate of ZTE Corp, a Chinese maker of telecoms equipment that ran afoul of USA regulators after it violated restrictions on exports of American technology to Iran and North Korea.
ZTE last week agreed to pay a US$1 billion fine to the USA government to end a crippling supplier ban imposed after it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea. Although Pompeo was in Beijing to debrief the Chinese on the Singapore summit, the trade friction was never far from the surface.
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So far, companies with business in China have mostly kept low profiles, hoping the USA and China would strike a deal, according to Samm Sacks, a senior fellow in the Technology Policy Program at the Center for Strategic and International Studies.
The Global Times, a tabloid run by the People's Daily, called the US move "an irresponsible act on behalf of the White House to disrupt worldwide trade just to appeal to American voters who are convinced their president is fighting for them".
Beijing has left the door open to negotiations, even as it matched Washington with tariffs and bellicose rhetoric.
The US Trade Representative posted the full list [PDF], which includes a number of products used for computing and telecoms products, including semiconductor manufacturing and printing tools, and individually shielded optical wireless cables.
While analysts did not rule out the possibility of more talks, they also warned there could be another flare-up in tensions later this month, when the White House releases its proposal for restrictions on Chinese investment and export controls on "industrially significant technology" on June 30.
Meanwhile, Chinese companies use government money to buy USA businesses.
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