China vows to respond if US takes new steps on trade

Donald Trump is warning of more tariffs on Chinese goods. AFP

Loup Ventures analyst Gene Munster predicts the tariffs would only cause Apple's revenue to drop by 5% in 2019 because the amount of money the affected products make is such a small slice of the company's money-making machine. That left American companies on edge about whether Beijing might use its control over the heavily regulated economy to disrupt their operations by withholding licenses or launching tax, anti-monopoly or other investigations.

"Ford has abruptly killed a plan to sell a Chinese-made small vehicle in the USA because of the prospect of higher US tariffs.' CNBC". Ford rejected Trump's suggestion, saying it wouldn't be profitable.

The statement came after Trump tweeted about an article from August 31, when Ford announced that it was canceling plans to make the Focus Active, a compact crossover, in China and ship them to the United States.

Washington, Europe and other trading partners argue those plans violate Beijing's market-opening pledges.

US stock investors are looking to extend momentum after corporate profits hit a record high in the second quarter, while investors think an Italian debt crisis would spark a conflict with Europe that would hurt the domestic economy.

Wei Jianguo, vice-president of the China Center for International Economic Exchanges, said China has no intention of challenging United States global dominance, adding that it will certainly take a long time to reduce its reliance on the US. Kristin Dziczek of the Center for Automotive Research said Ford can make Focuses "in many other plants around the world, so if they made a decision to continue to sell a Focus variant in the U.S. market, there are several options other than building it in the United States".

On currency markets the strong United States jobs report added to expectations the Federal Reserve will hike interest rates at least two more times this year, putting further upward pressure on the dollar.

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The Trump administration had previously imposed tariffs on $50 billion worth of Chinese products, and is ready to impose additional levies on $200 billion this week.

"Here in the U.S., Ford has really been a truck company", as NPR reported in April. China's trade surplus with the United States widened to a record in August.

Beijing matched Washington's first round of tariffs on $50 billion of goods.

SYDNEY, Sept 10 (Reuters) - Asian shares started the week in the red on Monday, faltering for the eighth straight day while the dollar climbed as U.S. President Donald Trump raised the stakes in the heated trade dispute with China. Earlier on, Beijing said that it will put steep duties on USD$60 billion worth of U.S. imports.

Apple assembles most of its products, including the iPhone, in China.

Long Guoqiang, vice-president of the Development Research Center of the State Council, said China has ensured fair treatment for its goods, personnel and capital overseas.

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