CHINA/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “The U.S.’s plan to wallop China with new tariffs is putting Beijing in a bind, forcing it to retaliate in ways likely to cast doubt on its commitment to rules-based global trade. The Trump administration’s announcement that it plans to clamp 10% tariffs on a further $200 billion in Chinese goods—from tech gear like routers to furniture and handbags—stoked anger and hand-wringing among Chinese officials on Wednesday [7-11-18]. China doesn’t import enough from the U.S. to match Washington dollar for dollar as it has in previous rounds, so Beijing is reviewing plans to hit back in other ways, said Chinese officials familiar with the plans. Measures being rolled out include holding up licenses for U.S. firms, delaying approval of mergers and acquisitions involving U.S. companies and ramping up inspections of American products at borders, the officials said. A Commerce Ministry statement on Wednesday described Beijing as ‘shocked’ by the U.S. action and said China ‘has no choice but to take necessary countermeasures.’ It didn’t elaborate.”
–Lingling Wei, “‘Shocked’ by Latest U.S. Tariff Plan, Beijing Seeks Retaliatory Action,” The Wall Street Journal, July 11, 2018 2:01 pm