China says 'fully prepared' if trade war kicks off this week

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

Asked whether USA companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country.

President Donald Trump's first tariffs are scheduled to hit $34 billion of Chinese imports on Friday, and Beijing plans to swiftly respond with levies on an equal amount of goods.

Speaking at a weekly news conference, Chinese Commerce Ministry spokesman Gao Feng warned the proposed U.S. tariffs would hit worldwide supply chains, including foreign companies in the world's second-largest economy. As an example, Chinese companies are reselling USA soybeans, and Chinese companies are expected to cancel most of the remaining soybeans they have committed to buy from the U.S.in the year ending August 31, once the extra tariffs take effect.

His company, which sells sauvignon blancs and zinfandels to distributors in China has lost a half-million dollars in orders since China slapped tariffs in April on $3 billion worth of US fruits, nuts and wine.

Supply chains will also suffer a blow, said Cliff Tan, East Asian head of global markets research at Japan's MUFG Bank in Hong Kong.

A person with knowledge of the plan earlier told Reuters China's threatened tariffs on $34 billion of USA goods would take effect from the beginning of the day on Friday.

German autos BMW (BMWG.DE), Daimler (DAIGn.DE), Porsche PSHG_P.DE and Volkswagen (VOWG_p.DE) were among the biggest STOXX risers, up as much as 4.7 percent following a report about a USA offer to suspend threats to impose tariffs on cars imported from the European Union. The Chinese Ministry of Commerce called Trump's tariffs threats "blackmail" and promised that China would not back down from a trade fight.

If Trump followed through on both threats, almost all of China's exports to the USA would be subject to tariffs.

Ningbo Top East Technology Co., which makes soldering irons in Ningbo, south of Shanghai, used to export 30 per cent of its output to the United States, according to its general manager, Tong Feibing.

Apple’s high-end headphones may ship in 2019
The Cupertino, California-based company is working on new AirPods with noise-cancellation and water resistance, the people said. However, production hasn't started, and design and technology partnerships for the product haven't been finalized.

US carmaker Ford Motor Co said on Thursday it has no plans now to hike retail prices of its imported Ford and Lincoln models in China, despite steep additional tariffs on imported USA vehicles set to come into play on Friday.

The widely-read Global Times tabloid said in an editorial that China must prepare for containment by the United States. You're familiar with the Chinese telecom firm ZTE.

After months of simmering tension between the world's two largest economies, the USA looks poised to impose tariffs on US$34 billion worth of Chinese goods on Friday.

"There is a chance the company will lose money and might go bankrupt", said Tong.

Beijing plans to fire back by hitting 545 American products such as SUVs, meat and seafood. Beijing is reportedly targeting U.S. products such as soybeans, seafood and crude oil.

Xi's government has expressed confidence China can hold out against USA pressure, but companies and investors are uneasy.

Chinese consumers and businesses will bear the brunt as prices rise thanks to higher tariffs.

"I'm afraid not, for now", said Tu Xinquan, a trade expert at Beijing's University of International Business and Economics, who has advised the Chinese government.

The worst-case scenario is that the trade war, in concert with monetary tightening, upends the global business cycle.

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