Farmers and farming organizations around the country are sounding the alarm over Wednesday's announcement that China intends to retaliate against the latest proposed US tariffs.
China's plan to levy a 25 percent tariff on imports of us soybeans may come as something of a surprise to most Americans.
Oil prices rose on Thursday, buoyed by the US government data showing a surprise drawdown in crude stockpiles and an easing of tensions over a trade row between the United States and China. Regulators use access to China's vast market as leverage to press foreign automakers and other companies to help create or improve industries and technology.
US aviation-related exports to China totaled $13.2 billion in 2016.
Zhu warned against expecting Beijing to back down.
"Pressure from the outside will only urge and encourage the Chinese people to work even harder", he said.
No more than eight hours after the White House announced 25% tariffs against 1,333 Chinese products, ranging from industrial robots to locomotives, China responded with its own set of new tariffs.More news: Oil Prices Dip On Escalating US-China Trade War
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The American list strikes at high-tech industries seen by Chinese leaders as the key to the country's economic future. "Since China's entrance to the WTO, the country has taken proactive measures to fulfill its commitment", said Lian Ping, chief economist of the Bank of Communications, citing its efforts to open banking, securities, and insurance markets and historic achievements in the financial sector as evidence.
Global companies have long complained that China has strong-armed them into handing over trade secrets in exchange for market access.
Elaine Lidholm, a spokeswoman for Virginia's agriculture department, said Wednesday that China is the state's largest export market for agricultural goods. The affected American goods include cars, aircraft and major agricultural commodities like pork and soybeans.
From the National Association of Farm Broadcasting News Service.
The U.S. tariff plan is based on Section 301 of the 1974 Trade Act.
The partnerships have often delivered blockbuster sales, but they have also raised concerns that they lead to Chinese companies getting their hands on their foreign partners' technologies. An editorial on Thursday in the state-run tabloid Global Times said people in China increasingly believed Beijing should "knock some common sense into the U.S. government".
Experts viewed this escalation as a potentially damaging technology dispute between Beijing and Washington. But worldwide business leaders have pointed out that Chinese companies are often able to carry out takeovers in Europe and North America in sectors that are off limits to foreign investors in China.
THE FACTS: He overstates the trade deficit by $163 billion. Washington reports different figures that put the gap at a record $375.2 billion. "Chinese economic envoy Liu He has exchanged letters with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin over increased opening of the Chinese market".