China imposes equal tariffs on US products

  • China imposes equal tariffs on US products

China imposes equal tariffs on US products

The response from China signaled a rapid escalation of the dispute.

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

The decision has been made in line with relevant stipulations of the Foreign Trade Law of China and the Regulations of the People's Republic of China on Import and Export Duties, as well as the fundamental principles of worldwide laws, the statement said.

Earlier on Friday, China vowed to do just that, saying it would strike back, just hours before Trump's statement. He added: "Our hope is that it doesn't lead to a rash reaction from China". "Unfortunately, we're the golden egg for China to put pressure on". Consumer goods including mobile phones and televisions aren't being hit with the tariffs.

Beijing has also drawn up a list of $50 billion in USA products that would face retaliatory tariffs, including beef and soybeans - a shot at Trump's supporters in rural America.

Affected US products will include crude oil, natural gas, coal and some refined oil products.

Ties are at risk after US President Donald Trump levied $50 billion in tariffs on Chinese goods.

"China could be a little bit upset about trade because we are very strongly clamping down on trade", the president said in a Fox News interview on Wednesday. "If you look back at President Trump's history, he's been wildly successful negotiating as a businessman".

However many economists and businesses in the United States say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on China for parts or assembly.

"We grow more than we can use [domestically]", said Blue Earth County corn and soybean farmer Kevin Paap, president of the Minnesota Farm Bureau. USA companies that rely on the targeted imports - and can't find substitutes - can apply for exemptions from the tariffs.

Trump's tariff announcement knocked Wall Street lower, closing down 0.4 per cent.

DeLauro said the Trump Commerce Department's disorderly implementation of trade enforcement tools failed to inspire confidence in the President's ability to appropriately hold the trading partners accountable.

"China's Government is aggressively working to undermine America's high-tech industries and our economic leadership through unfair trade practices and industrial policies like "Made in China 2025". The 25% duties are a response to the US's so-called Section 301 investigation earlier this year that accused China of stealing USA intellectual property in an effort to dominate the development of advanced technology.

And the powerful US Chamber of Commerce warned that hundreds of thousands of Americans could lose their jobs if the trade war escalated and included the auto import tariffs that Trump has threatened.

Before Friday, the Trump administration had imposed tariffs on steel and aluminum imports, along with solar panels and washing machines. Beijing has drawn up a list of $50 billion in USA products that would face retaliatory tariffs, including beef and soybeans - a shot at Trump's supporters in rural America. Beijing is an important player in talks with North Korea on abandoning its nuclear-weapons programme. On Friday, they issued a joint statement promising they will bring their concerns to the Office of the U.S. Trade Representative.

He said of the Chinese, "I don't think they would cower or immediately run to the negotiating table to throw themselves at the mercy of Donald Trump". "If there was ever a time for the US seafood industry, restaurants and retailers to come together to work towards a common goal of market access and supporting good American jobs and healthy sustainable American seafood, it is right now".

Also, the president earlier this month made a decision to soften a penalty on Chinese telecom-equipment maker ZTE Corp, resisting opposition from Congress.

American businesses, however, are anxious that rising trade tensions will hurt US economic growth.