A cargo ship carrying containers stops at Qingdao Port
The tariffs will go into effect on July 6 and will be levied on more than 800 products.
"I think what [Trump] is doing on China is right". Indeed, the numbers appear identical.
China says its tariffs will follow the same timeline as the new USA ones, with the first wave hitting July 6, targeting 545 US goods worth about $34 billion, including soybeans, whiskey, orange juice, electric cars, salmon and cigars. Beijing, meanwhile, has issued its own list of possible tariffs on $50 billion in American goods, including aircraft, soybeans and automobiles. "Imposing tariffs places the cost of China's unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers", Thomas Donohue, president of the US Chamber of Commerce, said. The list included 1,333 product lines. 284 more items are proposed to be taxed.
The move threw the G7 meeting last weekend into disarray, with US President Donald Trump retracting his endorsement of the joint statement and lashing out at host Canada.
"Trade between our nations, however, has been very unfair, for a very long time". The move has stoked business fears of a sustained trade war that could raise prices on American consumers, while heartening some lawmakers who have long called for a tougher stance against Beijing.
It includes a list of products which USTR argues have benefited from Chinese industrial policies, including the Made in China 2025 policy.
The Chinese commerce ministry announced that it would place equal tariffs on USA goods, and said that all previous trade agreements with the US are no longer valid.
The Senate minority leader said he urged Trump to hit China with the penalties because the United States would eventually prevail in any trade war. "However, confronted by such short-sighted act that hurts both the US itself and others", he said.
China's Commerce Ministry fired back in a statement, "The United States has kept changing its mind and now launched a trade war". He further said the China's decision to impose tariffs on U.S. products was necessiated by the circumstances that arose out of the United States violations of global obligation.
At least initially, though, the new tariffs will not cover the full $50 billion in trade that the White House had threatened in March.
U.S. Trade Representative Robert Lighthizer described the tariffs Friday as a "defensive" action.
Mr. Xi made similar comments Thursday about his personal relationship with Mr. Trump and said he wants to grow the U.S. The EU, along with Canada and Mexico, will impose retaliatory tariffs on US goods, and file dispute settlement cases with the World Trade Organization in Geneva. Does that sound like free or fair trade.
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