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China hits back with tariffs on USA goods

China hits back with tariffs on USA goods”

The Commerce Ministry says "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". Another wave of tariffs against thousands of Chinese goods-not to mention the retaliatory tariffs from China-will do further damage to American farms and businesses.

Explaining why he believed Trump's decision was the right one, despite Beijing pledging it would retaliate over the decision to impose 25 percent tariffs on $50bn of Chinese goods, Schumer said the USA had previously been taken advantage of, The Hill reported.

Additional tariffs on 545 items worth about $34 billion, including agricultural products, vehicles and aquatic products, will be effective from July 6, 2018, a statement issued by China's Customs Tariffs Commission said.

However, the office is adding a second tranche of 284 product lines worth US$16 billion that would bring the total back up to the initial target of US$50 billion.

In a statement Friday, Trump pledged additional tariffs if China follows through on the retaliation threats.

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Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle United States economic growth and undermine the benefits of the tax cuts Mr Trump signed into law previous year.

Soybeans are a key United States export to China, an economic tie that makes the back-and-forth between the U.S. and China a source of anxiety throughout the American farm belt.

The new USA import duties are aimed at forcing Beijing to stop what the White House claims is the systematic theft of United States intellectual property and will apply to a wide range of products.

"I stressed how important it is for President Trump to rectify that situation so that trade becomes more balanced, more reciprocal and more fair, with the opportunity to have American workers be treated fairly", Mr Pompeo said during a joint news conference with Chinese foreign minister Wang Yi. A full-on trade war between the US and China would likely do significant economic damage to exporters in both countries, raise prices for USA consumers, and have widespread effects on the world economy, especially on other countries in Asia that are part of China's manufacturing supply chain.

Wall Street has viewed the escalating trade tensions with wariness, fearful that they could strangle the economic growth achieved during Trump's watch and undermine the benefits of the tax cuts he signed into law past year.

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President Donald Trump is hailing his "very big tariffs" on China.

"We have the great brain power in Silicon Valley, and China - and others - steal those secrets", Trump said in an interview with Fox News.

That raises the specter of an intensifying trade war, which would hurt consumers, companies and the global economy. "They've taken so much".

"Trade between our nations, however, has been very unfair, for a very long time".

Mere hours after the Trump administration announced new tariffs on $50 billion worth of Chinese goods, Beijing hit back, escalating the trade dispute between the world's two largest economies even as the US continues to seek Chinese support in keeping pressure on North Korea.

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China opposed this move saying, "The US move violates the relevant rules of the World Trade Organization, goes against the consensus already reached in bilateral economic and trade consultations, seriously infringes upon the legitimate rights and interests of the Chinese side and undermines the interests of China and its people".



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