"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. Gao Feng warned the USA tariffs would hit global supply chains, including foreign companies in China.
"The US's measures are essentially attacking the global supply and value chain".
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.
China rejected "threats and blackmail" ahead of a threatened USA tariff hike, striking a defiant stance Thursday in a dispute companies worry could flare into a full-blown trade war and chill the global economy.
China's plans to impose tariffs on hundreds of US goods targets some top USA exports, including soybeans, sorghum and cotton, threatening U.S farmers in states that backed Trump, such as Texas and Iowa.
He added that Chinese buyers, anxious about costs, started to cancel orders on April 2, the day the first round of tariffs kicked in. According to Bloomberg, President Trump will cut as much as half a percentage point from staggering growth levels of around 6.9 percent.
"All eyes are on the Trump administration's move to impose the 25% additional tariff on Friday and what's next after that", said Zhang Gang, Central China Securities Holdings strategist in Shanghai.
Forecasters say a full-blown conflict could knock up to 0.5 per cent off global economic growth through 2020 if Washington and Beijing impose tariff hikes on $250 billion of each other's goods.
Asked whether U.S. companies will be targeted with "qualitative measures" in China in a trade war, Mr Gao said the government will protect the legal rights of all foreign companies in the country.
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Some prominent Chinese experts say Beijing may have miscalculated the pain the US tariffs could inflict on export manufacturers' already razor-thin margins, and overplayed its hand.
The United States plans to implement tariffs on Dollars 50 billion worth of imports from China as both nations remained locked in a bitter trade dispute that has convulsed global financial markets in recent weeks.
Under the banner of his "America First" policy, Trump has also targeted other traditional trade partners of the United States, such as Canada, the European Union, Japan and Mexico.
Ford said it encouraged Washington and Beijing to resolve their issues over trade and that it would "continue to monitor the situation as it evolves".
China's stock market fell sharply on Wednesday as traders anxious about the escalating trade dispute. USA firms in China are already reporting spikes in random inspections at ports. Per NPR, the Trump campaign ordered so many more flags than the Clinton campaign in 2016 that Chinese locals near the factory joked that they knew the outcome of the election before anyone.
"While the Trump administration is anxious about gains and losses, Chinese people have unfaltering confidence in China's future".
There had been hopes that the USA and China might step away from the measures but neither side has backed down.
Chinese state media on Wednesday kept up a steady drum beat of criticism of the United States.