China announces retaliation against $50B in USA goods

China announces retaliation against $50B in USA goods

China announces retaliation against $50B in USA goods

Mr Trump's revised tariff list may exclude some consumer items from an earlier proposal to focus more on goods related to Beijing's Made in China 2025 programme, according to a Eurasia Group report. Trump claims China's theft of American intellectual property and technology made the tariffs a necessary part of conducting business.

The China trade offensive is only one side of Trump's multi-front battle with all major U.S. economic partners.

The official Xinhua news agency said China would impose 25 per cent tariffs on 659 United States products, ranging from soybeans and cars to seafood.

The first package of revised USA tariffs is scheduled to kick in on July 6 and will apply to 818 Chinese product lines, with another 284 product lines to follow at a later date. His import taxes on steel and aluminum have drawn protests from companies that use foreign-made metals, farmers who fear US trading partners will retaliate against them and Republicans in Congress.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

The size of the approved tariffs matches the scale of duties proposed in April, suggesting the president isn't bowing to warnings that trade penalties may derail relations with China as the USA seeks to maintain pressure on North Korea over its nuclear weapons program.

After news of the American tariffs broke on Friday, National Association of Manufacturers President and CEO Jay Timmons released a statement calling for a bilateral trade agreement.

Trump previously imposed tariffs on steel and aluminum imports from Canada, Europe, Japan, Mexico, a move that drew strong rebukes from US allies.

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China would also negate agreements it had reached with the United States during previous consultations over the penalties, it said.

Earlier today China's foreign ministry said it would hit back Donald Trump's plans to plaster tariffs on its imports. The second set, which includes 284 goods equal to $US16 billion worth of imports, would come later and be subject to additional public comments.

China has published its own list of threatened tariffs on US$50 billion in United States goods, including soybeans, aircraft, and cars, and has said it would hit back if Washington followed up with further measures.

A trade war could pose a risk to Trump's peace talks in North Korea as America has been coordinating closely with Beijing.

ASA has twice requested a meeting with Trump to discuss how increasing soy exports to China can be a part of the solution to the USA trade deficit "without resorting to devastating tariffs".

In a statement Friday morning, the president said: "The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices".

The list is meant to minimise the impact on US consumers and businesses by selecting goods where there are ample alternative supplies from other countries.

"Until recently, the resilience of growth in China was an important buffer for the global economy in the face of headwinds from trade friction, slower growth in Europe, higher oil prices and issues in various emerging markets".

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