Shipping containers and cargo vessels are seen at the Dachan Bay Terminals in Shenzhen, Guangdong province, China July 12, 2018. REUTERS/Stringer
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China Thursday said foreign firms operating in China would suffer in a trade war, urging U.S. companies to lobby their government to protect their interests, and said no talks to end the impasse were currently underway.Beijing said Wednesday it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods, a swift escalation after an earlier round of tariffs took effect only Friday.Last year, China imported about $130 billion of U.S. goods, so to retaliate it might increase the size of the tariffs it imposes or resort to what it calls "qualitative" measures, which U.S. firms fear could mean reprisals against their China operations.South Korea's central bank Thursday downgraded its growth outlook for this year to 2.9 percent, from 3 percent, after an export boom ground to a halt in the face of high U.S.-China trade tensions.
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