China slaps additional tariffs on $50 billion worth of USA goods

Indeed, the numbers appear identical.

The official, who asked not to be identified, declined to say whether Trump would make good on a March threat to hit another US$100 billion in Chinese goods with tariffs in response to Beijing's retaliation.

The commerce ministry issued two lists of American goods - worth $50 billion in total - which will be hit with a retaliatory 25 percent tariff. "The list does not include goods commonly purchased by American consumers such as cellular telephones or televisions". Its own 25 per cent tariffs would cover 659 United States products including soybeans, cars and seafood. The second set, which includes 284 goods equal to $US16 billion worth of imports, would come later and be subject to additional public comments.

In a statement yesterday, the President said American trade with China "has been very unfair for a very long time", and insisted the new rules were created to punish China for the "theft" of American intellectual property. They included a variety of agricultural products, including soybeans, corn and wheat along with beef, pork and poultry, plus automobiles. This left 818 lines valued at $34 billion. USTR said Customs and Border Protection would begin collecting the additional duties on July 6.

Beijing has left the door open to negotiations, even as it matched Washington with tariffs and bellicose rhetoric.

President Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago state in Palm Beach, Florida.

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", it said.

How will US consumers and businesses be affected?

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

Washington is bent on violating global trade norms, it said, and "seriously violates China's rights and interests under World Trade Organization rules".

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

"In today's era, launching a trade war is not in the global interest", China's Commerce Ministry said.

"This is a blow to the hardworking men and women in the Maine lobster industry, and the broader US seafood industry in general", Annie Tselikis, executive director of the Maine Lobster Dealers' Association, said in a statement.

But if the president follows through on all the duties he's threatened, including the tariffs against China, U.S. inflation could accelerate by 15 basis points, according to Goldman Sachs Group Inc. Those tariffs were introduced under Section 232 of the U.S. Trade Expansion Act.

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.

The European Union has called the USA steel and aluminum tariffs "illegal". The US imported $505 billion of goods from China a year ago and exported about $130 billion, leaving a 2017 trade deficit of $376 billion, according to US government figures. Does that sound like free or fair trade. Initially, 545 U.S. products valued at $34 billion will be targeted, mimicking the tariff rollout by the Trump administration.

  • Zachary Reyes