China slaps additional tariffs on USD 50 bn worth of US goods

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CHINA-US-TRUMP-POLITICS-DIPLOMACY

President Donald Trump announced Friday that Washington has approved to impose tariffs worth $50 billion on China that was initially announced in April, a move that escalates trade tensions between the world's two largest economies.

"These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs", President Trump said in a statement.

"We will immediately launch tariff measures that will match the scale and intensity of those launched by the United States", the ministry said, announcing its own 25 percent tariffs on $50 billion of USA exports.

The president argued that the tariffs were necessary to prevent Chinese theft of intellectual property and to boost US industries, and he threatened to add more to the list of trade restrictions if China retaliates.

The tariffs, which are likely to take effect from July 6, will cover vaguely 1,102 Chinese product lines worth about $50 billion a year, according to the reports.

Saying that the Americans are flip-flopping in the issue, the Ministry of Commerce in Beijing said: "This move not only hurts bilateral interests, but also undermines world trade order". Beijing earlier drew up a list of $50 billion in U.S. products that would face retaliatory tariffs, including beef and soybeans, a shot at Trump's supporters in rural America.

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But the White House maintains that any Chinese countermeasures would be unjust and could be met with further United States sanctions.

Trump's announcement of the tariffs on Friday followed weeks of tense and ultimately unsuccessful negotiations towards a new trade agreement between the two countries.

The White House has announced a 25 percent levy on technology-related products worth around $50 billion.

China fired back against the united states in a spiraling trade dispute with president Donald Trump by raising import duties on tens of billions of dollars of us goods including lobsters, soybeans, electric cars and whiskey.

The country's Commerce Ministry said China will apply tariffs on U.S. goods at the "same scale and the same strength".

China has for months said it did not want a trade war but would retaliate against the US.

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Companies also are watching the fate of ZTE Corp., a Chinese maker of telecoms gear that ran afoul of USA regulators after it violated restrictions on exports of American technology to Iran and North Korea.

The latest list specifically targets products that benefit from China's industrial subsidies, including the "Made in China 2025" technology plan.

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

U.S. pork and cars manufactured in the United States are already on the radar of Chinese customs, which has stepped up inspections. At an event sponsored by The Washington Post, he added, "If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt". "China opts for the first one and has made such a decision", Wang said before warning, "we hope the USA will make a wise choice and China on its part is prepared on all fronts".

"Although this trade action is often referred to in shorthand as imposing 'tariffs on China, ' it is in reality a policy of 'taxes on Americans, '" points out Bryan Riley, president of the National Taxpayers Union.

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