Tuesday, 18 December, 2018

US president ignites trade war with China

Billions in new tariffs signal start of US-China 'trade war' As China, U.S. move closer to trade war, Minnesota ag interests fret
| 17 June, 2018, 17:47

In light of China's theft of intellectual property and technology and its other unfair trade practices, the United States will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies.

Approved by the State Council, the Customs Tariff Commission of the State Council has made a decision to impose additional duties of 25 percent on 659 items of USA products worth about US$50 billion.

The 25% tariffs come into effect July 6th and will cover roughly $34 billion worth of imports composed of a list of vetted goods that were announced in April and reviewed in May.

Beijing will impose tariffs on 545 U.S. items worth $34 billion - including agricultural products, automobiles and seafood - starting on July 6.

"The Chinese side doesn't want to fight a trade war, but facing the shortsightedness of the USA side, China has to fight back strongly", the statement from China, printed by AP said. Trump has already said the United States would hit another $100 billion of Chinese imports if Beijing retaliated. He also vowed further measures if Beijing struck back.

Trump is speaking Friday on the North Lawn of the White House, just as his administration just announced a 25 percent tariff on up to $50 billion worth of Chinese imports.

From July 6, additional tariffs will be levied on some Dollars 34 billion worth of Chinese products.

United States stocks got off to a rocky start on Friday after President Trump moved to impose a 25% tariff on US$50bn worth of goods from China.

"The list does not include goods commonly purchased by American consumers such as cellular telephones or televisions", the office said.


China has for months said it did not want a trade war but would retaliate against the US.

"China and the US have conducted several rounds of negotiations in an attempt to resolve our differences and achieve win-win results", a spokesperson for China's foreign ministry said on Friday.

China in April already put punitive duties on 128 United States goods, including pork, wine and certain pipes in response to global USA tariffs on steel and aluminium imposed by Trump the month before.

China also called on the world to "firmly safeguard" the interests of the people.

However, Trump said in a statement that "additional tariffs" could be levied should China hit back with tit-for-tat duties on USA goods and services exports.

After talks in Beijing and Washington, a preliminary deal was struck that appeared to put the trade restrictions on hold.

USA officials say Beijing has sought industrial dominance in the emerging technologies through the theft of American know-how through forced technology transfers, hacking and other forms industrial espionage. "Although we have to pay a certain price in coping with the trade war. such a price can be paid and is worth paying", it said.

"We are assessing the impact these tariffs and any reciprocal action could have on our supply chain and commercial business", said Boeing spokesman Charles Bickers.

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