Trump announces tariffs targeting Chinese goods

19 June, 2018, 05:17 | Author: Sheri Evans
  • Trump approves plan to impose steep tariffs on Chinese goods

China says its tariffs will follow the same timeline as the new USA ones, with the first wave hitting July 6, targeting 545 US goods worth about $34 billion, including soybeans, whiskey, orange juice, electric cars, salmon and cigars.

China, the world's No 2 behind the USA, has pledged to retaliate on U.S. exports including soybeans and pork.

Washington has completed a second list of possible tariffs on another $100 billion in Chinese goods, in the expectation that China will respond to the initial United States tariff list in kind, sources said. The Chinese list includes agricultural products, automobiles, and aquatics.

The Trump administration has identified multiple ways Beijing steals US technology and undermines USA access to the Chinese market, which are the basis for the new tariffs. Among the affected $16 billion in US goods include crude oil, natural gas, coal and some refined oil products.

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China accused the United States of firing the first shot on Friday when the White House said that it would impose tariffs of 25% on $50 billion worth of Chinese goods. China has published its own list of threatened tariffs on $50 billion in USA goods, including soybeans, aircraft, and autos, and has said it would hit back if Washington followed up with further measures. In the statement, Trump said those measures would be implemented only if the Chinese strike back at Friday's move.

"It has also seriously damaged China's legitimate rights and interests and has harmed the interests of China and its people, " Xinhua reported.

"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.

Citing what he described as unfair trading practices and China's "theft of intellectual property", Trump threatened on Friday to take tougher measure if Beijing retaliated with trade barriers of its own. In a joint news conference Thursday evening in Beijing, Chinese Foreign Minister Wang Yi said China and the United States have two options before them: one is "cooperation" and a "win-win" scenario and the other is "lose-lose".

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The new tariffs come "in light of China's theft of intellectual property and technology and its other unfair trade practices", it added.

China also said it would scrap promises to purchase more U.S. goods.

"'There is no trade war".

While the USTR has claimed the tariffs would not affect consumer goods, the advocacy group Information Technology Industry Council claims the higher tariffs could drive up the price end users will pay for things like printers, phones, and TV sets.

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And he warned that any retaliation by Beijing would trigger another round of tariffs on Chinese goods.

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