China’s threatened tariffs on U.S. goods to take effect from July 6

Vastavam web: China’s threatened tariffs on $34 billion of U.S. goods will take effect from the beginning of the day on July 6, a person with knowledge of the plan told Reuters, amid worsening trade tensions between the world’s two largest economies.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.

“Our measures are equal and being equal means that if the U.S. starts on July 6, we start on July 6,” the source told Reuters, who requested anonymity as they were not authorized to speak to media. “The implementation time for all policies starts at midnight.”China’s customs agency did not answer a phone call seeking comment, and its commerce ministry did not reply to a fax requesting comment.

Speaking at a daily news briefing, Chinese Foreign Ministry spokesman Lu Kang said China was ready to act, though did not confirm the date Chinese tariffs may start.Chinese state media on Wednesday kept up its steady drum beat of criticism of the United States.

The official China Daily said the United States was intentionally trying to prevent China from developing so it was unable to challenge the United States’ role in the global economic order.“It has frequently waged wars against other sovereign countries and made use of the dominant influence of the U.S. dollar in the international markets to fleece other countries. Now it is attempting to resort to an all-out trade and economic war to hold back China’s normal development.”

Widely-read tabloid the Global Times, published by the ruling Communist Party’s People’s Daily, said the increasingly likely trade war would bring chaos to the world.“It’s hard to predict where these moves will lead the world, but Washington will unavoidably pay heavy prices for its attempts to change the whole world to its economic tributary.”U.S. President Donald Trump has threatened to escalate the trade conflict with tariffs on as much as $400 billion in Chinese goods if Beijing retaliates against the U.S. tariffs set to take effect on Friday.