Trump imposes 25 per cent duties on $50bn worth of Chinese goods

17 June, 2018, 16:59 | Author: Brooke Harris
  • Nebraska Corn disappointed by Chinese tariffs

China retaliated, saying it would impose an additional 25% tariff on 659 USA goods worth $50bn. A second set of imports subject to tariffs is still under review.

With retaliatory tariffs, soybean exports could fall by 65 percent, the American Soybean Association said, pointing to a Purdue University study. The USTR's final list includes 1,102 product lines including robotics, aerospace, industrial machinery and cars.

Trump has made it clear he believes the United States is being "treated very unfairly" by other nations in terms of trade. "This situation is no longer sustainable".

Any U.S. business that buys products from China that are covered by the new tariffs will face a tax on those products.

Previous year the United States imported $506 billion in goods from China while sending $130 billion overseas, leaving the United States with a $376 billion deficit.

Chinese foreign ministry spokesman Geng Shuang said Friday that China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests".

It's the latest round of tariffs imposed by the Trump administration, which hit US allies Mexico, Canada and the European Union with a round of taxes on steel and aluminum imports in May.

Interested in Donald Trump? Tactics aren't as uniform as a strategy. This will be a disappointment for China.

Where Trump undermines himself is his efforts to curtail trade with Canada, where regulatory, labor and environmental frameworks remain similar to the United States.

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But Trump also rails against the U.S.'s large trade deficit with China and China's high tariffs on certain goods.

China's announcement could have major ramifications for the USA seafood industry and for the economy of ME, which is home to most of the country's lobster fishery. US goods slated for levies include farm products such as soybeans, a potential blow to rural states that backed President Donald Trump's election in 2016.

The Trump administration has announced a 25 per cent tariff on $US50 billion worth of Chinese imports, escalating a trade dispute between the world's two largest economies.

The Trump administration's China tariffs spared some finished goods like smartphones and washing machines, while charges on parts and components could drive up costs in the US supply chain. The country's Finance Ministry has announced it will issue import tariffs on 545 product categories.

Being penalized for succeeding in global trade is one more twist in a brewing worldwide trade war that comes as the president implements his "America First" trade policy, aimed in part at cracking down on what he said are China's unfair trade policies and its efforts to undermine US technology.

The Chinese government has already promised retaliation in equal measure against USA goods including soybeans and imports of four-wheel drive vehicles.

But despite the Trump administration's intentions, much of the response in the US Friday appeared to be "thanks but no thanks".

The plans have elicited a mixed political reaction, drawing praise from Democrats and opposition from Republicans, who typically favour free trade policies. We've asked them to reach, we've told them it's good for their people. For this, many experts agree China is a bad player.

President Donald Trump vowed anew on Friday to clamp down on what he calls China's unfair trade practices.


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