China threatens tariffs on United States lobsters as business booms

16 June, 2018, 22:09 | Author: Brooke Harris

President Donald Trump moved closer to an all-out trade war with China on Friday by announcing new 25 percent tariffs on $50 billion worth of technology imports, dealing a blow to Chinese industries and prompting retaliation against US products.

The White House placed the tariffs on $50 billion worth of Chinese imports to punish intellectual property crime and other unfair trade practices that the administration blames for a large trade deficit.

Trump said in a statement that the United States would pursue additional tariffs if China retaliates.

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.

The Commerce Ministry said: "China does not want a trade war".

Trump's first announced that the U.S. would impose trade penalties on about $50 billion of Chinese goods in March. According to the World Trade Organization, the president is correct.

The implementation date for imposing additional tariffs on the remaining 114 items, covering chemical products, medical equipment and energy products will be announced later, it said.

Additional tariffs for 545 items worth about United States dollars 34 billion including agricultural and aquatic products, and vehicles, will be effective from July 6, 2018, a statement issued by China's Customs Tariffs commission said.

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"Not only have they damaged their reputation and credibility, but they've also let China see how rude, unreasonable, selfish and impulsive the Trump administration is", the newspaper said in an editorial on Saturday. The president has been threatening tariffs against China since USA officials concluded that Beijing abuses American intellectual-property rights.

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".

"While obviously more details are needed, this outline represents the kind of actions we have needed to take for a long time", Schumer said then, "but the president must stick with it and not bargain it away".

"It is in the interest of both countries to come to the table around a negotiated solution such as a responsible trade agreement". "We will be outlining our concerns with the USTR about how these new tariffs will jeopardize this industry". The tariffs are also meant to punish China for cyberespionage, theft of USA companies' trade secrets and theft of intellectual property, like patents.

In currencies, the US dollar slipped against the safe-haven yen in the wake of the announced tariffs, while the dollar index, which measures the greenback against six currencies, rose 0.01 percent.

An old Wall Street saw says "Buy on the sound of cannons, sell on the sound of trumpets", meaning stock traders see wars as buying opportunities. It authorizes the U.S. President to impose tariffs when it is in the interest of American "national security". In the statement, Trump said those measures would be implemented only if the Chinese strike back at Friday's move.

The Trump administration levied the tariffs to halt what it calls the "forced transfer of American technology and intellectual property" to China.

"President Trump is fixated with tariffs, which he believes he can wield freely; but there are grave consequences to the use of tariffs", said AAFA president Rick Helfenbein.

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