Billions in new tariffs signal start of US-China 'trade war'

Billions in new tariffs signal start of US-China 'trade war'

Billions in new tariffs signal start of US-China 'trade war'

"The whole world will be picking up the bill for the mistaken acts of USA unilateralism". Beijing earlier drew up a list of $50 billion in us products that would face retaliatory tariffs, including beef and soybeans, a shot at Trump's supporters in rural America.

The announcement comes as trade conflicts between the world's largest two economies are on the rise.

The Chinese have said they will place retaliatory tariffs on USA products but have not yet specified which ones. Trump said that with the increased tariffs he hopes to cut the trade deficit with China by $100 billion.

Maine's four members of Congress expressed their concerns and wrote to President Trump last month about how the administration's trade policies could hurt the state's $1.5 billion-a-year lobster industry.

The first wave of U.S. tariffs, affecting $34 billion worth of Chinese goods across 818 product categories, goes into effect on July 6.

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Most are food and other farm goods, hitting Trump's rural supporters hardest.

China has leverage over key exports from US states that voted for Trump in 2016.

In all, 818 products representing $34 billion in USA imports will fall under the new tariffs - less than the roughly 1,300 products the administration had initially considered. It said a decision would be announced later.

China's heavily regulated economy also gives the ruling Communist Party additional options for retaliation by withholding approval for business activity.

"My great friendship with President Xi of China and our country's relationship with China are both very important to me".

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Before Friday, the Trump administration had imposed tariffs on steel and aluminum imports, along with solar panels and washing machines. The Chinese haven't issued a list but have stated it would be an identical 25% on $50 billion of American exports.

ZTE last week agreed to pay a US$1 billion fine to the U.S. government to end a crippling supplier ban imposed after it broke an agreement to discipline executives who conspired to evade United States sanctions on Iran and North Korea. "But it's different when you're dealing with other governments". In the statement, Trump said those measures would be implemented only if the Chinese strike back at Friday's move.

United States officials have said Beijing has sought industrial dominance in emerging technologies through the theft of American know-how through forced technology transfers, hacking and other forms industrial espionage.

Slowing credit growth has translated into lower investment, analysts say, as Chinese factories and workshops let up from their frenetic pace in May and retail sales slowed. They included a variety of agricultural products, including soybeans, corn and wheat along with beef, pork and poultry, plus automobiles - targets that may raise prices for Chinese consumers, but may have a tangential effect on manufacturers. Trump has been unmoved by a Chinese offer to buy an additional $70 billion worth of USA farm and energy products and other goods, according to people familiar with the matter.

The dispute revived after the White House renewed its plan for a tariff hike on $50 billion of Chinese goods as part of the technology dispute.

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The tariffs were in response to complaints that China requires or pressures foreign companies to hand over technology. Friday's actions are only aimed at China. In that year, the US says its goods trade deficit with China was $375.2 billion.

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