White House Hits China With New Tariffs, Ramping up Trade War

White House Hits China With New Tariffs, Ramping up Trade War

White House Hits China With New Tariffs, Ramping up Trade War

And as Trump warned of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods, China nevertheless unveiled 25 percent duties on $50 billion in US imports. "A trade war never benefits anyone, so rather than pursuing a piecemeal tariffs approach, now is the time to seize the opportunity before us and work toward a U.S. - China trade agreement that will benefit American workers for generations to come".

In April, U.S. President Donald Trump asked American trade officials to present him with a list of $50 billion worth of Chinese goods that Washington could tax under Section 301 of the U.S. Trade Act of 1974.

China's Ministry of Commerce has accused the United States of launching a trade war and said Beijing will immediately introduce tariffs on American exports on a similar scale.

China said it would introduce measures of the "same scale and the same strength" immediately.

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.

China and the USA are major seafood trading partners beyond just lobster, and the new tariffs would apply to dozens of products that China imports from the US, including salmon, tuna and crab. For this, many experts agree China is a bad player.

Tariffs on about $34 billion in Chinese imports will go into effect July 6.

While ripped by lawmakers on both sides of the aisle of levying steel and aluminum tariffs on Canada and Mexico, Senate Minority Leader Chuck Schumer (D-N.Y.) praised President Trump's new tariff decision on Chinese imports "on the money". "We want to trade", Davis, who also sits on the governing committee of the American Soybean Association, said.

"We must take strong defensive actions to protect America's leadership in technology and innovation against the unprecedented threat posed by China's theft of our intellectual property, the forced transfer of American technology, and its cyber attacks on our computer networks", Lighthizer said.

Spain manager Julen Lopetegui sacked two days before opening match
Julen Lopetegui stands by the bench during an worldwide friendly soccer match between Spain and Costa Rica on November 11, 2017. We are left in a very hard situation", he said.

Earlier on Friday, China vowed to do just that, saying it would strike back, just hours before Trump's statement. In a statement Friday, he said trade with China "has been very unfair, for a very long time".

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 a year ago. Friday's salvos mark a significant step toward a full-blown trade war between the United States and China despite months of trade talks and negotiations in an effort to avoid that outcome.

It added, "There is no victor in a trade war, and the USA instigation of a trade war is extremely destructive to global trade, economic globalisation, multilateral trade systems and global production supply chains".

The Trump administration has identified multiple ways Beijing steals US technology and undermines USA access to the Chinese market, which are the basis for the new tariffs.

Wall Street was in the red in late trading as China delivered on its promise of retaliatory tariffs. It has also been suggested that Trump's advances against China will do little to slow the country's quick growth in advanced products.

The tariffs were in response to complaints that China requires or pressures foreign companies to hand over technology.

Beijing also has announced plans to cut import duties on autos and some consumer goods and to ease limits on foreign ownership in auto manufacturing, insurance and some other industries, though those don't directly address USA complaints. On Friday, they issued a joint statement promising they will bring their concerns to the Office of the U.S. Trade Representative.

How will US consumers and businesses be affected?

Related news

[an error occurred while processing the directive]