Trump targets $50bn in China goods, vows more if needed

Trump targets $50bn in China goods, vows more if needed

Trump targets $50bn in China goods, vows more if needed

The Trump administration announced a 25 percent tariff on up to $50 billion worth of Chinese imports on Friday, instantly escalating a trade dispute between the world's two largest economies.

The new import penalties will cover what the White House on Friday described as items that "contain industrially significant technologies" it contends are part of Beijing's plan to "dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries".

At the same event, Cohn said the USA needs to "enforce the rule of law" on China's perceived theft of U.S. intellectual property.

As Trump prepares to impose the new tariffs on China, there is already evidence that his programme is having a negative impact on some areas of industry and agriculture in Europe.

Trump warned China of more tariffs if Beijing retaliated on today's announcement.

The effects of a trade war are hard to fully predict, in part because how much pain they'll cause the United States depends on how other countries respond.

The Commerce Ministry statement gave no further details of the American products that would be hit.

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The tariffs will come in two waves.

Duties against USA shipments may mean that China imports more from South America at a premium, Rabobank said in a report. "We will immediately introduce tax measures of equal scale and equal strength, and all economic and trade achievements reached by the two sides will be invalidated". "In addition, they will serve as an initial step toward bringing balance to the trade relationship between the United States and China".

The clothing and footwear industry was largely spared by Trump administration tariffs on Chinese goods, but a looming trade war could still do damage to an apparel sector that's more global than ever. The statement said the list of products did not include goods "commonly purchased by American consumers such as cellular telephones or televisions".

"Imposing tariffs places the cost of China's unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers", said Thomas Donohue, president of the U.S. Chamber of Commerce.

USA soybean futures plummeted earlier this week on fears that a trade war was brimming and China would follow through on its threat of a 25 percent soybean tariff.

" It's an unfair measure because it has no economic or technical basis and it's worrying as it could call into question the rules governing worldwide trade", Planas said, adding that he will raise the issue at an upcoming meeting of European Union agricultural ministers.

Trump's tariffs arrived after the POTUS complained for more than a year about China's huge trade surplus with the United States.

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Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico, Europe and Japan, drawing a rebuke from United States allies.

The White House has declared that by June 15 it would announce its final list of $50 billion in Chinese products that would be subject to 25% tariffs under Section 301 of the Trade Act of 1974.

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.

"We have a tremendous intellectual property theft problem", Trump said at the time.

Chinese foreign ministry spokesman Geng Shuang said on Friday morning that his country would "respond quickly" to any moves by the US.

The EU and Canada have said they will enact retaliatory tariffs starting in July.

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