Daily Trends Now
Daily Trends Now


China responds to Donald Trump moves by scrapping surplus trade agreement

China responds to Donald Trump moves by scrapping surplus trade agreement

The Washington Post, quoting unnamed administration officials, reported that Trump is planning to announce a 25 percent tariff on $50 billion worth of Chinese products.

The tariffs focus on products from China's industrial sector including aerospace, information and communications technology, robotics, industrial machinery, new materials and automobiles.

"The U.S. has ignored China's resolute opposition and solemn representation, and has insisted on adopting behaviours that violate WTO rules", China's commerce ministry said.

Tariffs on $34 billion of US goods including agricultural products such as soybeans will take effect from July 6, the ministry said.

The Chinese commerce ministry issued a statement condemning the Trump administration's most recent tariffs, stating its intent to match all tariffs with equal restrictions on USA trade in a tit-for-tat battle over trade.

At the same time, President Donald Trump denied Friday that he was engaged in a "trade war" with China.

The US president yesterday unveiled the 25 per cent tariffs, created to combat what he says is China's theft of America's intellectual property. Friday's salvos mark a significant step toward a full-blown trade war between the United States and China despite months of trade talks and negotiations in an effort to avoid that outcome.

The Dow fell almost 200 points on Friday after the tariffs were announced. The new USA tariffs, which target almost 1,100 Chinese goods (mostly advanced industrial products), are meant to punish China for stealing US intellectual property and other unfair trade practices.




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. In April, China raised import duties on a $3 billion list of US pork, apples and other products.

President Donald Trump is hailing his "very big tariffs" on China. In March, while signing an order calling for tariffs on China's imports, the president said "It is the largest deficit of any country in the history of our world".

But those tariffs will have an effect on the domestic economy.

Reuters reported that Trump's list of tariffs will contain 800 product categories, down from 1,300 previously. "There's no trade war, they've taken so much", Trump contended in the Fox News interview.

On Thursday, International Monetary Fund (IMF) director Christine Lagarde warned that the Trump administration's trade policies were likely to hurt the U.S. economy and undermine the world's trade system.

Trump previously imposed tariffs on steel and aluminum imports from Canada, Europe, Japan, Mexico, a move that drew strong rebukes from USA allies.

"These measures, though, are likely to move the globe further away from an open, fair and rules-based trade system, with adverse effects for both the United States economy and for trading partners", the International Monetary Fund said.

The government said Saturday it was responding in "equal scale" to Trump's tariff hike on Chinese goods in a conflict over Beijing's trade surplus and technology policy that companies worry could quickly escalate and chill global economic growth.

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