Trump administration announces tariffs on $50B in China imports

A list of 1,300 Chinese goods published in April which included the likes of flamethrowers and false teeth has now been whittled down to 800 and is due to be published on Friday

Trump announces 25% tariff on Chinese imports

China's automotive manufacturing sector will be counting the cost of new tariffs announced today by U.S. Trade Representative Robert Lighthizer.

As part of President Donald Trump's trade agenda, the United States has launched another volley of tariffs - this time on China.

The announcement came in response to President Donald Trump's own increase in tariffs on Chinese imports in the United States. In April, he asked officials to consider an additional $100 billion in levies.

Trump's announcement of the tariffs on Friday followed weeks of tense and ultimately unsuccessful negotiations towards a new trade agreement between the two countries. You know, we are the world's greatest free market.

The tariff will affect mostly industrial products used by the aerospace, robotics, and information technology industries, according to the Office of the Trade Representative.

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. The list included 1,333 product lines.

The commerce ministry issued two lists of American goods - worth $50 billion in total - which will be hit with a retaliatory 25 percent tariff. "This move is not only damaging bilateral interests but also undermining the world trade order".

"Look, he's my friend, President Xi". Official Communist Party newspaper the People's Daily said Trump's administration had an "obsession with playing the disgraceful role of global economic disruptor".

China also appealed to other countries to pressure the United States to end recent protectionist trade policies.

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The European Union has called the USA steel and aluminum tariffs "illegal".

It comes after an "exhaustive investigation" found that China's "acts, policies and practices related to technology transfer, intellectual property, and innovation are unreasonable and discriminatory, and burden U.S. commerce", the USTR said.

U.S. Commerce Secretary Wilbur Ross, second from left, and Chinese Vice Premier Liu He, fourth right, attend a meeting at the Diaoyutai State Guesthouse in Beijing, Sunday, June 3, 2018.

Two detailed lists of products on which tariffs will be collected starting July 6 now form the core of the conflict between the world's two largest economies: One released Friday aimed at curbing China's industrial advancement and the other aimed at hurting the commodity producers of the American heartland.

American auto giant Ford has sold 338,386 cars thus far in China in 2018, about one-third the number in the United States, and had welcomed a Chinese plan to lower tariffs on auto imports. "There's no trade war, they've taken so much", Trump contended in the Fox News interview. He threw a meeting of the Group of Seven into turmoil by revoking support for the group's joint statement and berating the summit's host, Canadian Prime Minister Justin Trudeau.

The U.S. isn't the only country in the lobster trade.

The immediate impact of tariffs on US growth is expected to be relatively small, but economists warn a prolonged trade war could damage business investment and consumer confidence. A further round of trade talks in Beijing earlier this month failed to yield any breakthroughs. "He needs China's collaboration on North Korea and he gives the impression that he's burning the bridge after crossing the river".

Companies also are watching the fate of ZTE Corp., a Chinese maker of telecoms gear that ran afoul of USA regulators after it violated restrictions on exports of American technology to Iran and North Korea.

Also, the president earlier this month made a decision to soften a penalty on Chinese telecom-equipment maker ZTE Corp, resisting opposition from Congress.

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