Trump sets tariffs on $50 billion in Chinese goods: Beijing strikes back

Trump sets tariffs on $50 billion in Chinese goods: Beijing strikes back

United States President Donald Trump announced a 25 percent tariff on $50 billion worth of Chinese goods on Friday.

The government said it was responding in "equal scale" to Trump's tariff hike on Chinese goods in a conflict over Beijing's trade surplus and technology policy that companies worry could quickly escalate and chill global economic growth.

In a statement, he said: "The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices".

The US President also remarked that the White House could impose further tariffs in the face of any retaliation from China in the form of its own duties on American products.

Chinese foreign ministry spokesman Geng Shuang said Friday that China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests".

"All economic and trade agreements reached by previous negotiations will be nullified at the same time".

The trade war started by the USA has damaged not only bilateral interests, but also the global trade order, the People's Daily reported on Saturday.

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 Chinese government had warned after another round of talks June 3 that it would scrap the farm purchase deals if new tariffs went ahead. She also said sellers of liquefied natural gas (LNG), also emerging as a US export to China, have been anxious about tariffs.

Some 545 USA goods worth $50 billion will be subject to 25 percent tariffs, the Wall Street Journal reported, citing China's state council.

IMF Director Christine Lagarde said Thursday that a trade war would lead to "losers on both sides" and could have a "serious" impact.

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The tariffs will also be applied to autos and aquatic products. The U.S. imported more than $2.7 billion in Chinese seafood a year ago, and the U.S. exported more than $1.3 billion to China.

"We just announced very big tariffs today on China because China has been, you know, look, he is my friend, President Xi, he is a great man and a wonderful guy but at some point, we have to straighten it out".

'It's Foolish' Wang Huiyao, director of the Beijing-based Center for China and Globalization and an adviser to China's cabinet, said Trump's measures will damage U.S.

Farmers in Minnesota fear that their success in global trade will impale them on the "tip of the spear" as China retaliates against 25 percent tariffs President Donald Trump announced Friday.

"I$3 ndividual USA sectors ranging from agriculture to aerospace are vulnerable to retaliation by China", Madhavi Bokil, a senior credit officer at Moody's, said in a client note. But China also said it would impose tariffs on US energy products, which analysts considered a surprise as previous tariff threats had centered on agricultural goods and automobiles.

"Our take is that a trade war would bring four negatives - somewhat higher inflation; growing anxiety in the US farm belt; uncertainty that could complicate long-term corporate planning; and a growing estrangement of the USA on the global stage". "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs".

"Given the frequent flip-flopping of the Donald Trump administration, it is still too early to conclude that a trade war will start", the editorial said, adding that China's stance had been consistent.

The Trump administration's China tariffs spared some finished goods like smartphones and washing machines, while charges on parts and components could drive up costs in the US supply chain. Not included are consumer goods including mobile phones and televisions.

"US-China trade tensions will be long-lasting", said Yifan Hu, regional chief investment officer and chief China economist at UBS Wealth Management told a briefing in Beijing.

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