China to implement countermeasures immediately after United States tariffs take effect

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And so would begin an unprecedented commerce battle between the world's two largest economies - a conflict analysts fear could rattle markets, cripple trade and undermine ties between the United States and China at a time when the administration seeks Beijing's cooperation on North Korea.

On Friday, U.S. tariffs on $34 billion worth of Chinese imports will take effect.

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.

The CBN, in May, signed the agreement with the People's Bank of China to facilitate trade between the two countries and enhance foreign reserve management, making Nigeria the third country in Africa (after South Africa and Egypt) to sign such a deal with China.

And Gao noted that of the $34 billion in taxable products on the U.S. list, about $20 billion - or almost two-thirds - are made by firms with foreign investment, including a "significant portion" from America.

"US measures are essentially attacking global supply and value chains. To put it simply, the U.S.is opening fire on the entire world, including itself", he said.

"As long as the United States issues a so-called tariff list, China will take necessary measures to firmly protect its legitimate interests", Chinese Foreign Ministry spokesman Lu Kang said at a daily news briefing.

"China will not bow in the face of threats and blackmail", added Mr Gao.

"But the country will encounter more barriers in future development, to which we should learn to adapt", it said. "Are we heading for a full-blown trade war in which case it is very bad news for risk assets, or do we walk away from it, in which case, as we have seen today, markets are likely to rebound quite sharply".

U.S. President Donald Trump's administration is considering raising tariffs on imported cars, trucks and auto parts, a move that would hurt Germany's powerful auto industry.

Friday's tariff hikes are the first stage in threatened US increases on up to $450 billion of imports from China over complaints Beijing steals or pressures foreign companies to hand over technology.

Chinese tourism is increasingly important to the U.S. economy, with Chinese tourists representing the third-largest group of visitors to the U.S.in 2016 after the United Kingdom and Japan, according to the U.S. Travel Association. The main Chinese stock market index has tumbled 12 per cent over the past month.

Another example of unfounded finger-pointing by the U.S. is the Made-in-China 2025 initiative.

China's central bank moved to calm jittery markets on Tuesday after the yuan hit its lowest level in nearly a year.

China has been the biggest target of Trump's tariffs.

An outright trade war with the United States could hit China's export machine, with recent data pointing to fatigue as credit expansion slowed and domestic demand looked to be softening. China vowed to match USA moves, using both quantitative and qualitative measures.

Chinese Xinhua news agency said on Wednesday that China and Europe "should resist trade protectionism hand in hand".

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