Trump slaps China with $60bn tariffs, Beijing vows retaliation

Trump hits China with tariffs worth $60 billion

Trump on Thursday instructed his officials to impose tariffs on $50 billion in Chinese goods after the US concluded China violates the intellectual property of American companies.

In response, China is reportedly set to impose new a tariffs ranging from 15% to 25% on 128 different United States goods including fresh fruit, wine, modified ethanol, steel pipe, and more. -China relations. It followed a seven-month investigation by USTR into allegations China violates USA intellectual property, under the seldom-used section 301 of the 1974 Trade Act. The US concluded China engages in a range of violations, including policies that force American companies to transfer technology and the accessing of trade secrets through hacking, said Eissenstat. But in a sign that he will still turn to the WTO when it suits his interests, Trump had his government file a complaint through the organization to try to stop China from allegedly stealing technology from US companies that operate there. The Treasury Department will also propose additional measures.

"China's response is surprisingly modest in light of the US actions, suggesting there could be a good deal more to come", said Stephen Roach, a former non-executive chairman for Morgan Stanley in Asia and now a senior fellow at Yale University. There was no explanation of the difference between that figure and Trump's $60 billion.

When did the initiative take effect? .

In a presidential memorandum signed by Trump on Thursday, there will be a 30-day consultation period that only starts once a list of Chinese goods is published.

China is preparing to enforce its own tariffs.

Beijing has insisted friction should be resolved through negotiations, but a statement issued on Friday by the Chinese embassy in the US said that "if a trade war were initiated by the US, China would fight to the end".

Trump's tariffs, which act as a tax on imports, will apply to goods worth about $50 billion annually and hit industries from aerospace to pharmaceuticals. The tariffs are effective Friday. "We are buying more rapeseed meal, for example", said one of the sources. The U.S. exported $669 million of fruit, frozen juice and nuts to China past year, and it was the top supplier of apples, cherries, walnuts and almonds.

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In addition to punitive tariffs, Trump's memo also directed US Trade Representative Robert Lighthizer to challenge China's technology licensing programmes at the World Trade Organization.

Opponents of Trump's action see the tariffs as undermining the rules-based global trading system and using national security disguised as protectionism that will encourage other countries to resort to the same premise to protect their domestic markets.

Responding the United States import tariffs on steel and aluminum that went into effect on Friday, though announced by Trump earlier this month, China unveiled plans to levy additional duties on up to $3 billion of U.S. imports including fresh fruit, wine and nuts. "Just as China wishes to deepen its economic ties with the rest of the world in President Xi's 'New Era, ' Trump's China policy may result in a divided world, risking not only global economic recovery but also stability".

China's threat of steep tariffs on American pork imports will put further pressure on an industry already facing weaker demand from the world's top buyer of the meat.

The United States was by far its biggest overseas supplier of those parts previous year, shipping 416,000 tonnes, worth $874 million.

In a statement on Thursday, the Chinese Embassy in the United States also warned that the country is not afraid of a trade war.

It said, China previous year bought about 3 billion dollar worth of the goods affected by the proposed higher tariffs.The ministry criticised Trump's action as a violation of global trading principles.

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