China retaliates immediately after United States announces tariffs

17 June, 2018, 23:13 | Author: Emmett Rice
  • Dan Erickson regional representative for the Minnesota Corn Growers Association examined his corn crop at his Alden Minn. farm

China "doesn't want a trade war" but has to "fight back strongly", said a Commerce Ministry statement.

The ministry also said it was scrapping an earlier deal to buy more American farms goods, natural gas and other products that had been aimed at narrowing Beijing's multibillion-dollar trade surplus with the United States.

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 USA tariff list in kind, sources told Reuters. In a statement Friday, he said trade with China "has been very unfair, for a very long time".

Starting July 6, the US will tax the 818 products, worth $34 billion a year in imports, that remained from the original list. The president threatened to raise the total if China retaliated, which it swiftly pledged to do. Its own 25 per cent tariffs would cover 659 United States products including soybeans, cars and seafood. It said a decision would be announced later.

China announced Saturday that it would target $34 billion in USA goods, including soybean exports which local media estimates say accounts for $5 billion in contracts per year - 80 percent of Iowa's soybean market. The White House has said those restrictions will be announced by June 30.

He reiterated that his friendship with President Xi Jinping and America's relationship with China are both very important to him. "Beijing has a freer hand for informal retaliation, which will now start to increase".

"A trade war can be anything from a minor skirmish to a full-blown battle, with lots of collateral damage to American workers, farmers and consumers", said Michael Smart, managing director at Rock Creek Global Advisors in Washington and a former worldwide trade director on the National Security Council. Earlier, in mid-May, the USA and China had announced a cease-fire after two rounds of trade negotiations.

Austin Langley, a 26-year-old soybean farmer in Warwick, N.D., about 20 miles south of Devils Lake, says that would be disastrous for his fortunes.

The longer-term concern, Basse said, is that China will increasingly look to Argentina and Brazil and that the United States will lose market share.

More news: Trump torpedoes G7 effort to ease trade spat, threatens auto tariffs

Washington and Beijing appeared increasingly headed toward a trade war after several rounds of negotiations failed to resolve US complaints over Chinese industrial policy, market access and a $375 billion trade gap.

The government went on: "In this day and age, launching a trade war is not in the interest of the world".

Beijing has left the door open to negotiations, even as it matched Washington with tariffs and bellicose rhetoric. The 25 percent tariffs will be placed on roughly $50 billion in imports from China.

The dispute revived after the White House renewed its plan for a tariff hike on $50 billion of Chinese goods as part of the technology dispute.

Businesspeople and economists say Chinese leaders are less likely to compromise on technology.

Lighthizer added, "Our hope is that it doesn't lead to a rash reaction from China".

The Global Times, meanwhile, said Mr Trump was disrupting the world order to appeal to voters who think he's fighting for them.

The USTR's final list includes 1,102 product lines, down from about 1,300 initially, mainly focused on China's "Made In 2025" plan to become dominant in high-technology industries such as robotics, aerospace, industrial machinery and automobiles.

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