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Friday marked the start of the U. It will take weeks to months for the U. Trade Representative to review and possibly activate any new rounds of punishment.
Erin Ennis, senior vice president of the U. China Business Council, said there was a danger the two sides will dig in on trade sanctions, without a Yahoo in china strategy for resuming negotiations.
China's commerce ministry said it was forced to retaliate, meaning imported U. Some of Trump's fellow Republicans in the U. Congress lashed out at his actions. We should be working with our allies to isolate China rather than escalate a trade war," said Senator Jerry Moran, who represents the agriculture-heavy state of Kansas.
China's soymeal futures fell more than 2 percent on Friday afternoon before recovering most of those losses, amid initial market confusion over whether Beijing had actually implemented the tariffs, which it later confirmed it had.
Friday's long-expected China tariff volley fueled fear that a prolonged and escalating battle would hurt global trade, investment and growth, while also damaging U.
The dispute has roiled financial markets including stocks, currencies and the global trade of commodities from soybeans to coal in recent weeks. To view a graphic on U. An analysis of over four dozen targeted U. S products showed that prices were little changed on Friday afternoon from earlier in the week.
The products, sold on Chinese e-commerce platforms, ranged from pet food to mixed nuts and whiskey.
Ford Motor Co said on Thursday that for now, it will not hike prices of imported Ford and higher-margin luxury Lincoln models in China. However, investors said that a significant escalation in tension would cause worries to set in.
Companies seeking product exclusions from tariffs on Chinese goods imported into the United States will get 90 days to file such requests, the U.
Trade Representative's office said on Friday. To view a graphic on China trade with US, click: A China central bank adviser said the planned U.
China's tariff list is heavy on agricultural goods such as soybeans, sorghum and cotton, threatening U.
To view a graphic on Industry impact, click:The latest news and headlines from Yahoo! News. Get breaking news stories and in-depth coverage with videos and photos. In Jerry Yang, CEO of Yahoo!, was lambasted by U.S.
Representative Tom Lantos, chairman of the U.S. House Committee on Foreign Affairs, for Yahoo's role in the arrest and imprisonment of Chinese journalist and democracy advocate Shi Tao. The case describes the actions that Yahoo! had taken to grow its business in China, its handling of a government request for the identity of a Yahoo.
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Amid a trade war with the United States, Chinese stocks are languishing this year. The large-cap FTSE China 50 Index is down percent year-to-date.
While that's less worse than the percent.