US and China battle it out through travel warnings

Donald Trump

The Chinese government is "fully prepared to take a package of necessary measures" to safeguard its national interests if a full-blown trade war breaks out between the world's two biggest economies, said foreign ministry spokesman Lu Kang.

China said Thursday it won't tolerate "threats and blackmail" as it prepares for the U.S.to implement tariffs on billions of dollars worth of Chinese goods.

"The $34 billion US tariffs figure has been mostly factored by the markets and focus is now on what the United States says on the remaining $16-billion (of a promised $50-billion tariff plan)", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo. Ian Bremmer, CBS News contributor and president of the Eurasia Group, joins "CBS This Morning" to discuss what to expect.

Both sides have threatened to impose similarly sized tariffs on 6 July but because of the 12-hour time difference, the Chinese tariffs on U.S. imports ranging from soybean to stainless steel pipes will take effect earlier.

He emphasised that U.S. tariffs on Chinese exports will hurt both Chinese and foreign firms.

"The United States will be opening fire on the whole world and also opening fire on itself", Chinese Commerce Ministry spokesman Gao Feng told reporters on Thursday.

The Trump administration's tariffs on US$34 billion of Chinese imports are due to go into effect at 0401 GMT on Friday, which is just after midday in Beijing.

Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day though it has said it will not be the first to pull the trigger.

The president's methods have already led to retaliatory duties from Canada, the European Union and other allies. It is the U.S. who has "provoked" this trade war, and China is forced to retaliate, Gao said on Thursday.

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"The US's measures are essentially attacking the global supply and value chain".

China's second-quarter economic growth is expected to have slowed slightly from the previous quarter, a Reuters poll showed, as policymakers seek to mitigate the impact from a de-risking drive and the trade dispute with the United States.

Is a US-China trade war on the horizon?

One sign of fraying relations: a notice posted by the Chinese Embassy in Washington last week, urging tourists to "avoid going out alone at night" in the United States, where "cases of shootings, robberies, and theft are frequent".

The official China Daily said the United States was intentionally trying to prevent China from developing to keep it from challenging the former's role in the global economic order.

European shares headed for a third day of gains on Thursday as reassuring economic data from Germany and a report that its big carmakers could be spared from usa tariffs offset another gloomy session for Asia.

The conflict over U.S.

Chinese currency and stock markets have been jittery ahead of Friday's tariff implementation. He said that would rise to a full 4 per cent of the global total if Washington, Beijing and other governments follow through on tariff threats.

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