In this June, 19, 2018 photo, a jockey truck driver waits for his load of a shipping container to clear his trailer as a shore crane lifts the 40-foot onto the container vessel Ever Linking at the Port of Savannah in Savannah, Ga. The U.S. has threatened to impose 25 percent duties on $34 billion in Chinese products starting Friday, July 6, and China has said it will fire back with corresponding tariffs. (AP Photo/Stephen B. Morton)

The Latest: France says Americans will be hurt by US tariffs

July 06, 2018 - 4:42 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.

4:40 a.m. (4:40 p.m. Beijing time)

France's foreign minister has criticized U.S. President Donald Trump's economic policy, which includes hiking tariffs on Chinese imports as of Friday.

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.

He said: "It is an infernal logic, a dangerous logic, a logic that is in nobody's interest, starting with the U.S."

He added that global policy is turning increasingly toward isolationism and lacks cooperation. He said the policies are "a bit Far West, of an eye for an eye, a tooth for a tooth."

Le Drian said such policies have victims, "but the victims tomorrow will be the Americans themselves."

___

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

___

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.

___

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.

AP Editorial Categories: 
Comments ()