Trump planning 25% tariffs on up to $50 billion of Chinese goods

Ivan Schwartz
June 17, 2018

In March, while signing an order calling for tariffs on China's imports, the president said "It is the largest deficit of any country in the history of our world".

The announcement also caps months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage Trump's grievances over the soaring trade imbalance and China's aggressive industrial development policies.

If China retaliates, as it has already pledged to do, the United States will impose even more tariffs, Mr Trump warned.

Escalation looms. In April, Trump asked officials to consider an additional $100 billion in levies.

U.S. Customs and Border Protection will begin collecting tariffs on 818 product categories valued at $34 billion on July 6, the U.S. Trade Representative's office said.

"Our hope is that it doesn't lead to a rash reaction from China", Lighthizer said in an interview on Fox Business Network on Friday. "We need our worldwide markets".

On Friday, the United States imposed additional tariffs of 25 per cent on import of Chinese goods worth $ 50 billion.

The Chinese government has chose to impose additional duties of 25 per cent on 659 items of US products worth about Dollars 50 billion, state-run Xinhua news agency reported. They included a variety of agricultural products, including soybeans, corn and wheat along with beef, pork and poultry, plus automobiles.

China has said that it will retaliate with $50 billion in tariffs in response, rattling financial markets.

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.

"Look, he's my friend, President Xi".

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Interested in Donald Trump? "Those are crown jewels for this country".

The European Union has called the US steel and aluminum tariffs "illegal".

"China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer said in a statement. The new lines will go through a separate review period before being before U.S. Customs and Border Control can collect additional taxes on those goods. In April, China raised import duties on a $3 billion list of us products that include pork and apples.

China, the world's No 2 behind the U.S., has pledged to retaliate on United States exports including soybeans and pork. He threw a meeting of the Group of Seven into turmoil by revoking support for the group's joint statement and berating the summit's host, Canadian Prime Minister Justin Trudeau.

Scott Kennedy, a specialist on the Chinese economy at the Center for Strategic and International Studies, said the Chinese threat was real and helped along by recent strains exhibited between the US and allies. Economists expect the direct impact on the US economy to be modest.

Earlier, in mid-May, the U.S. and China had announced a cease-fire after two rounds of trade negotiations.

It came in the aftermath of Mr Trump's nuclear summit with North Korean leader Kim Jong-un and his push for China to maintain economic pressure on the North.

The Trump administration has identified multiple ways Beijing steals USA technology and undermines US access to the Chinese market, which are the basis for the new tariffs.

Trump is correct in part of his assessment.

As for the Trump administration's efforts to prevent the burgeoning China from establishing dominance in some industries, Gutierrez told NPR on Friday, "I think it's an ironic goal".

Other reports by GizPress

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