China slams 'US extortion tricks,' digs in heels as it vows to aid businesses hurt by tariffs [CNBC]
IHS Markit Ltd. Common Shares (INFO)
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Source: CNBC
Even as Beijing vows more retaliation in the trade war against Washington, there are measures being taken by the communist government to help cushion the blow from earlier tariffs amid signs China is willing to dig in its heels further. China is preparing its agriculture industry to cope with less soy while also offering financial assistance to companies across several industries to help cushion the blow of new tariffs. But some Chinese businesses, especially those in the farm sector, are still unhappy about Beijing's strategy, some watchers say. China is making clear that they have the tools, or arsenal if you will, to protect their economy from this escalating trade war, said Nariman Behravesh, chief economist of IHS Markit. But also I'm guessing there is some anxiety on the part of many Chinese businesses about this and where it ends up, so what they're essentially saying is, 'We'll protect you.' Revenue from higher duties China started collecting July 6 on U.S.
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