China hikes tariffs on U.S. soybeans, electric cars, fish

Billions in new tariffs signal start of US-China 'trade war'

As trump warned of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods, china unveiled 25 percent duties on $50bn in us imports.

China has unveiled a list of products from the United States that will be subject to additional tariffs in response to U.S. announcement to impose additional duties on Chinese imports.

The US would begin collecting the tariffs on July 6 on a slimmed-down product list of Chinese goods worth US$34 billion that excludes TVs and other consumer products, the Office of the US Trade Representative said.

"All economic and trade agreements reached by previous negotiations will be nullified at the same time".

Hours later - early yesterday in China - the Chinese finance ministry issued a list of 545 product categories, also covering about US$34 billion in exports from the U.S., to be subject to an additional 25 per cent tariff starting also on July 6.

The ministry says it's also scrapping deals to buy more American farm goods and other exports - steps that were meant to help ease a dispute over China's trade surplus and China's technology policy. "Instead, the administration is asking US agriculture producers to take a hit when they can least afford it", Heitkamp said. It also added, "China is a powerful guardian and has enough ammunition to defend existing trade rules and fairness".

All-out trade war: There's reason to believe the USA and China won't solve this soon - and things could escalate quickly.

The Commerce Ministry said: "China does not want a trade war".

Billions in new tariffs signal start of US-China 'trade war'

Shipping containers, including one labelled "China Shipping", are stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. Trump said the tariffs were "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs".

Trump has long complained about China's huge trade surplus with the United States.

The value of China's American lobster imports grew from $108.3 million in 2016 to $142.4 million past year.

The goods covered in the new USA tariffs on China include "goods related to China's Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries".

United States trade groups also stepped up their criticism of the spat.The American Apparel & Footwear Association (AAFA) said on Friday that China's retaliatory measures could harm American farmers and textile manufacturers and add costs to the industry's supply chain. From July 6, additional tariffs will be levied on some 34 billion United States dollars worth of Chinese products.

Trump's tariffs may also influence his efforts to bring peace to the Korean peninsula following his summit with leader Kim Jong Un this week in Singapore.

Under the doctrine of "strategic competition" adopted by the Pentagon late a year ago, the United States military made clear that it sees trade war and military struggle as being on a continuum of perpetual conflict between the United States and its worldwide competitors. They view plans for state-led development of companies capable of competing globally in fields including electric cars, renewable energy and biotech as a route to prosperity and to restore China to its rightful role as a world leader.

"Both US and Chinese exporters will suffer considerable economic losses while these punitive tariffs are in place, and many Asian countries that are part of the Chinese manufacturing supply chain will also suffer collateral damage in this escalating trade war".




Related news:

Hot News

isis-killer-beheading-video-story-top Michael Avenatti Offers Legal Services to Parents of Children Taken at Border
Jun 18, 2018 - 01:00
Trump has repeatedly, falsely asserted that a law passed by Democrats is to blame for the family-separation policy. This one is of Attorney General Jeff Sessions at the gates of the camps kids are getting housed.

isis-killer-beheading-video-story-top Sarah Huckabee Sanders disputes report that she is planning White House departure
Jun 17, 2018 - 03:06
PRESS SECRETARY SARAH SANDERS: I'm not aware of the attorney general's comments or what he would be referencing. Shah is also considering his exit, but has not yet decided on a departure date .

isis-killer-beheading-video-story-top Shock as Iceland score to level against Argentina
Jun 17, 2018 - 02:44
Iceland's Olafur Skulason applauds to the fans when warming up prior to the group D match between Argentina and Iceland . The World Cup rookies from the tournament's smallest nation are suddenly legitimate contenders for the knockout stage.

isis-killer-beheading-video-story-top Trump ‘literally holding children hostage’ for border wall
Jun 17, 2018 - 02:20
The compromise bill may need some Democratic votes to pass, and Nancy Pelosi has signaled the leadership's opposition. Bush - also requires that certain unaccompanied alien minors be transferred out of immigration detention in 72 hours.

Phil Mickelson hits moving ball with putter at US Open
Jun 17, 2018 - 00:58
Mickelson jogged up to the ball and hit it back toward the hole before it had stopped moving, an obvious breach of the rules. Speaking in the wake of this stand out moment, Mickelson failed to bring viewers together from their rivaling positions.

isis-killer-beheading-video-story-top IG Faults Comey's Judgement, But Sees No Bias
Jun 17, 2018 - 00:56
Clinton has remained steadfast in her insistence that Comey's letter helped tip the election in Donald Trump's favor. Elizabeth Preza is the Managing Editor of AlterNet.

isis-killer-beheading-video-story-top Russian Federation under pressure in opener against Saudi Arabia
Jun 17, 2018 - 00:55
With 43 minutes on the clock, the 27-year-old doubled Russia's lead with a blistering left-footer from inside the box. Russian Federation coach Stanislav Cherchesov said: "Sometimes it's a source of joy for the fans, sometimes less so".

Taxi driver who drove into crowd lost control of vehicle: Moscow mayor
Jun 17, 2018 - 00:50
The accident took place on Ilinka Street, around 200 metres from Red Square and Moscow's famous GUM shopping centre. A witness at the scene told Reuters news agency that some of the people hit were wearing Mexico team colours.

isis-killer-beheading-video-story-top Nike 'should apologise for arrogant statement' - Iran's Carlos Queiroz
Jun 16, 2018 - 18:05
Petersburg during Iran's opening match against Morocco , prompting a brief commotion. Fans unfurled a protest banner at the stadium Friday in the Russian city of St.

isis-killer-beheading-video-story-top Trump’s $50 billion China threat only signals worse to come
Jun 16, 2018 - 18:05
The ministry announced Friday that it will immediately add tariffs of "equal scale and equal strength" on US products. In a Friday morning interview with Fox & Friends, Trump brushed off China's comments on a potential trade war.

isis-killer-beheading-video-story-top Ex Trump campaigner sent to jail
Jun 16, 2018 - 18:03
Legal experts say Mueller wants to keep applying pressure on Manafort to plead guilty and assist prosecutors with the probe. He also asked the judge to consider the burden it would place on Manafort to prepare for two criminal trials from jail.

isis-killer-beheading-video-story-top Alvarez, Golovkin rematch on for September
Jun 16, 2018 - 18:01
Despite some early reports that Golovkin had declined that offer, the news soon spread that both fighters were finally onboard. Canelo Alvarez and unbeaten middleweight champion Gennady Golovkin have agreed to a rematch bout September 15 in Las Vegas.

isis-killer-beheading-video-story-top FPJ's Dream XI predictions for France and Australia
Jun 16, 2018 - 17:58
Moments later, however, a handball from Samuel Umtiti on a cross into France's area conceded a penalty in Australia's favour. Ousmane Dembele headed the ball into the path of Griezmann, who struck a first-time volley straight at the Brighton keeper.

isis-killer-beheading-video-story-top Narendra Modi congratulates Afghanistan for their cricket team's first Test match
Jun 16, 2018 - 17:50
India's Hotstar service will also live stream the Test match in that country. "It's like any other Test match for us". They have also given their people something to look up to and cheer about amidst the constant political turmoil.

isis-killer-beheading-video-story-top Pentagon expected to suspend military drills on Korean Peninsula
Jun 15, 2018 - 00:23
Regarding the alliance, we are dealing with all the issues under the premise that we maintain the ironclad joint defense posture. Suga, Japan's top government spokesman, welcomed the easing of tensions on the Korean Peninsula because of the Trump-Kim summit.