Companies from China and the United States are concerned about the impact of trade tensions between the world's top two economies after the United States began imposing a 25-percent additional tariff on Chinese products worth 34 billion USA dollars Friday.
Soybeans are on the hit list of American goods now being targeted by Chinese tariffs that went into effect Friday after the USA implemented a raft of duties earlier in the day and President Donald Trump threatened more action.
A survey on CEOs of 200 large U.S. enterprises showed that 90 percent of the executives were anxious about higher costs brought by trade frictions, and 95 percent of them regarded a potential slump in exports resulting from foreign retaliation a moderate or significant risk.
The statement reads, "China promised not to fire the first shot, but to defend national core interests and the interests of the people it has no choice but to strike back as necessary".
The president also takes issue with the size of the USA trade deficit with China.
Beijing slapped additional 25 percent tariffs on 545 US imports totaling $34 billion - including automobiles and agricultural products such as soy beans and beef - as part of a retaliatory plan involving 659 items worth $50 billion.
Beijing earlier released a list of American goods targeted for possible tariff hikes including soybeans, electric cars and whiskey.
United States President Donald Trump on Thursday said that the first wave of tariffs of Dollars 34 billion in goods would be swiftly followed by another penalty on Chinese goods worth Dollars 16 billion.
On Thursday, US President Donald Trump warned that the US may ultimately target over $500 billion worth of Chinese goods.
"Don't expect the "war" to be out in the open in some imaginary tit-for-tat tariff battlefield".
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Last month, the European Union imposed tariffs on American goods worth Dollars 3 billion such as yachts, bourbon and motorcycles.
Main US benchmarks are headed for the first weekly gain in several weeks, with a consensus view that this round of tariffs, even if combined with taxes on another US$16 billion in Chinese products, will have a minimal impact on the economy.
China's Ministry of Commerce accused Washington of violating worldwide trade laws and said it would consider reporting the U.S.to the World Trade Organisation on Friday.
While Friday's tariffs will likely hit consumers eventually, Trump's threat to impose tariffs on another $200 billion worth of Chinese exports to the U.S. would likely result in more direct pain for consumers.
The conflict between the world's two biggest economies reflects chronic tension in their relationship as customers, business partners, and increasingly competitors.
But if the trade war continues into the spring of 2019, the owners of thousands of smaller farms, many handed down from generation to generation, could face tough decisions, pitting their pocketbooks against the president's policies.
A wine merchant in Shanghai, one of the country's busiest trading hubs, said customs brokers were also slowing the clearance process because of confusion about how and when to implement duties.
But it is wrong for Trump to disregard the spirit of free trade that has buttressed the global economy since World War II.
The tariffs were issued on the basis of combatting unfair Chinese trade practices.
Canada hit back by imposing tariffs on more than 100 USA products, from ketchup to toilet paper, insecticide and washing machines.