Donald Trump announces tariffs on US$50 billion of Chinese goods

19 June, 2018, 23:06 | Author: Sheila Harris
  • Trump approves plan to impose steep tariffs on Chinese goods

The official declined to comment on China's recent offer to purchase an additional $70 billion worth of American farm and energy commodities and manufactured goods.

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

Before the market opened Friday Trump announced that the United States will implement a 25 percent tariff on US$50 billion of goods from China related to intellectual property and technology, and pledged to impose further levies if China retaliates.

China responded by imposing $3 billion worth of tariffs on USA exports of steel, aluminum and more than 100 other products.

However, the office is adding a second tranche of 284 product lines worth US$16 billion that would bring the total back up to the initial target of US$50 billion.

On Friday, Trump made good on his tariff threats against China. China's Commerce Ministry released a statement early Saturday morning insisting the country did not want a trade war, but would nonetheless "fight back vigorously" now that the U.S.is starting one.

The U.S. imports a LOT more Chinese goods than the Chinese import in regards to American goods and its easy to see above.

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But after a June 3 meeting in Beijing, the Chinese government warned it would discard those deals if Trump's tariff hike went ahead.

Trump, whose hardline stance on trade has led him to wrangle with allies, said in a statement that a 25 per cent tariff would be imposed on a list of strategically important imports from China.

Secretary of state Mike Pompeo raised the trade issue directly with China on Thursday, when he met President Xi Jinping and other officials in Beijing, the State Department said. Last year, Trump slapped tariffs on Canadian lumber, despite warnings from the construction industry that they would inflate the price of housing.

During an impromptu appearance on the White House North Lawn, the president hailed his "very big tariffs" on China.

"So much of our secrets - you know we have the great brain power in Silicon Valley - and China and others steal those secrets", he said, "And we're going to protect those secrets, those are crown jewels for this country". In a statement Friday, he said trade with China "has been very unfair, for a very long time".

Donald Trump's first announced that the USA would impose trade penalties on Chinese goods in March.

It came in the aftermath of Mr Trump's nuclear summit with North Korean leader Kim Jong-un and his push for China to maintain economic pressure on the North.

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