Trump approves tariffs on $50 billion worth of Chinese goods

Trump levies $50 billion in tariffs on Chinese goods, and Beijing retaliates

Specialist Dilip Patel, left, and Glenn Carell works at their post on the floor of the New York Stock Exchange, Friday, June 15, 2018.

The 25 percent tariff announced Friday hits 1,102 product categories, almost the total on a list that was put on hold last month for trade talks.

China plans to impose 25 percent tariffs on roughly $50 billion of US goods in retaliation for the Trump administration's announcement Friday that it would impose duties of the same amount on $50 billion of Chinese goods, according to a report from the official news agency Xinhua.

The reaction to the US tariffs was muted on Chinese social media, failing to break into the top 100 trending topics on the country's Twitter-like Weibo.

He accused Beijing of "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, '" referring to a 2015 policy to upgrade China " s industry broadly, with an emphasis on high-tech including pharmaceuticals, and to expend China's influence globally.

CGTN's Owen Fairclough in Washington and Zou Yun in Beijing report.

What's more, the China tariffs come just as the United States is sparring with close allies like the European Union, Canada and Mexico in a separate conflict over trade in steel and aluminum. A damage which, in United States, would be particularly noticeable in agricultural sector and which in China would fall mainly in technology.

Mexico is weighing tariffs on $4 billion of USA corn and soybeans, Reuters reported Friday, while the European Union and Canada are considering tariffs on a range of us products. "So I thought what he did on China is right", Schumer said.

"A lot of guys say we can ride it out - short-term pain for a long-term gain", but young farmers could be put out of business, he said.

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"With the announcement of the tariffs, there's a real risk that we can see a continued increased escalation", said Robin Anderson, senior economist at Principal Global Investors in Des Moines, Iowa. These include farm produce and vehicles-two mainstays of the U.S economy. And it uses Chinese government money to outbid private companies for USA technology at above-market prices.

The president's move to target $50 billion worth of Chinese imports for additional duties of 25 percent includes parts for planes, printed circuit boards, light emitting diodes and optical fibers, according to a list by the Office of the United States Trade Representative. The rate is the same, 25 percent, and so is the collective value of the goods-$50 billion. Administration officials said an additional 284 products are under review. USTR said Customs and Border Protection would begin collecting the additional duties on July 6.

The administration, in addition, could impose additional tariffs if China engages in retaliatory measures, the White House said.

China's Commerce Ministry said it would respond with tariffs "of the same scale and strength" and that any previous trade deals with Trump were "invalid".

"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.

In a joint statement, the two countries had said that China would "significantly increase" purchases of United States farm and energy products to reduce the trade imbalance.

Foreign Ministry spokesperson Lu Kang made similar remarks Friday night, saying China does not want a trade war.

It also called on other countries to "take collective action" against this "outdated and backwards behavior". Spokesman Lu called the USA tariffs "outdated and regressive".

USA soybean prices have fallen about 12 percent since March, when the U.S.

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