China Declares Trade War Launched After Trump Unveils $50B Tariffs

China Declares Trade War Launched After Trump Unveils $50B Tariffs

The US president said in a statement: "In light of China's theft of intellectual property and technology and its other unfair trade practices, the US will implement a 25 per cent tariff on $50bn of goods from China that contain industrially significant technologies".

President Donald Trump on Friday imposed tariffs on $50 billion worth of mostly high-tech imports that will be subject to 25% tariffs. "We're going to protect those secrets".

"Tariffs will harm American and Chinese businesses and consumers, and will put economic growth in both countries at risk", Hatch said.

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

"Our take is that a trade war would bring four negatives - somewhat higher inflation; growing anxiety in the USA farm belt; uncertainty that could complicate long-term corporate planning; and a growing estrangement of the US on the global stage". The Dow Jones industrial average was down more than 220 points in mid-afternoon trading before recovering somewhat to finish down 84 points. Other stock averages also sank.

President Trump set to approve a new list of $50 billion worth of tariffs on Chinese goods, according to press reports. Those include 818 products, worth $34 billion a year, remaining from a list of 1,333 the administration released in April. But it won't impose those tariffs until it gathers public comments.

China has threatened to retaliate forcefully for any tariffs, listing USA products that range from sorghum, soybeans, meat and whiskey to airplanes and cars.

Trump's approval in this regard followed a 90-minute meeting he had with Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin and US Trade Representatives Robert Lighthizer yesterday.

At the same time, President Donald Trump denied Friday that he was engaged in a "trade war" with China.

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Geng gave no details but said both the foreign and commerce ministries had made formal responses to earlier USA statements.

America's trade in goods with China topped $635 billion in 2017, according to the U.S. Census Bureau. "He adds: "'There is no trade war.

The move could complicate Mr. Trump's efforts to maintain China's support in his negotiations with North Korea. If tariffs are placed on those products, they would likely affect farmers and rural supporters of president Trump.

In a statement Friday, Trump pledged additional tariffs if China follows through on the threat to fight back. The EU on June 14 became the latest to solidify its countertariffs to those Trump placed on steel and aluminum that took effect in recent weeks.

"Manufacturers certainly have concerns that tariffs will cause more problems than they solve, but we also recognize that the administration may intend to use them as a negotiating tactic to bring China to the table and achieve larger goals", Timmons said.

"U.S. -China trade tensions will be long-lasting", Yifan Hu, regional chief investment officer and chief China economist at UBS Wealth Management, told a briefing in Beijing. But he signaled that whatever the implications for that or other issues, "I have to do what I have to do" to address the trade imbalance.

"It's foolish on the part of the Trump team", he said.

Wall Street has viewed the escalating trade tensions with wariness, fearful that they could strangle economic growth and undermine the benefits of the tax cuts Trump signed into law a year ago. And, of course, the worst case may not come to pass if Trump and China's President Xi Jinping strike a deal soon.

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