Fast facts on key developments as US-China trade war begins

Jean-Claude Juncker and Donald Trump

He described the United States actions "a violation of world trade rules" and accused Donald Trump of "initiating the largest-scale trade war in economic history".

China central banker Ma Jun said the first punches would have only a "limited impact" on the nation's economy, trimming GDP growth by 0.2 percentage points. Some contend that containing China's technological progress is his real goal and that is why the list of tariffs targets Chinese industries such as aerospace, telecoms and artificial intelligence...

SHANGHAI, July 6 (Reuters) - Chinese stocks jumped in late trade on Friday, reversing earlier losses, but the yuan remained weaker against the dollar as us tariffs on Chinese goods kicked in, escalating the trade row between the world's two largest economies.

"The Chinese side promised not to fight the first shot, but in order to defend the core interests of the country and the interests of the people, they had to be forced to make the necessary counterattacks", the Commerce Ministry said.

Earlier, Chinese Foreign Ministry spokesman Lu Kang said China was ready to act, though he did not confirm the start date for Chinese tariffs.

Tech, industrial, and manufacturing companies are likely to be the biggest victim of the trade war between US and China.

Shuqing Guo, head of China's banking and insurance regulator, said that a trade war would not affect China's own reforms and opening up, adding, "The progress of China's economy can not be reversed by any force".

During an official visit to Bulgaria, China's No. 2 leader, Premier Li Keqiang, said "no one will win by fighting a trade war, yet China will take countermeasures in the face of unilateral moves".

MSCI's measure of world equities markets rose almost 0.8 percent to the highest level since June 22 while Asian stocks climbed almost half a percent, led by a rebound in Chinese shares. Hong Kong's Hang Seng index tumbled 0.9 percent to 27,995.08 and the Kospi in South Korea lost 0.8 percent to 2,247.43.

What happens when the world's two biggest economies go to war?


Beijing also accused Washington of breaching trade rules of the World Trade Organisation (WTO).

Beijing has announced changes this year including easing limits on foreign ownership in insurance and some other fields.

President Donald Trump, warning of subsequent rounds of tariffs affecting pretty much all Chinese exports to the U.S.: "You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok?"

If his administration went ahead with that threat, it would raise the total of targeted Chinese goods to potentially $550 billion - more than the $506 billion that China actually shipped to the United States past year.

"It has frequently waged wars against other sovereign countries and made use of the dominant influence of the USA dollar in the global markets to fleece other countries". Other media carried similar reports. It said they would damage the global economy unless other countries stop them.

Just days after the European Union retaliation, Harley-Davidson said it plans to move its production of the motorcycles it sells in Europe overseas.

"There are no winners in a trade war", the chamber's chairman, William Zarit, said in a statement.

Escalating tariffs would likely raise prices for consumers, inflate costs for companies that rely on imported parts, rattle financial markets, cause some layoffs and slow business investment as executives wait to see whether the Trump administration can reach a truce with Beijing. -Chinese tensions, Zarit said.

But beyond those specifically targeted effects, consumers nearly always feel some pain.

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