China Declares Trade War Launched After Trump Unveils $50B Tariffs

Donald Trump in China

It isn't clear how long the tariffs will last, or whether the USA and China might settle their trade fight quickly.

The measure will affect goods that "contain industrially significant technology", Trump said on Friday, as he highlighted that the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices".

The official also said the USA statement, which said Washington would continue to impose additional tariffs if China takes retaliatory measures, has come to China's notice and it reserves the rights to take corresponding measures.

China will "immediately introduce taxation measures of the same scale and the same strength", the Chinese Commerce Ministry said.

He has previously put tariffs on washing machines, solar products, steel and aluminum - that the USA imports from different parts of the world.

But Trump's China trade offensive is only one side of his multi-front confrontation with all major U.S. economic partners. Most consumer goods from China such as smartphones and TVs were left off the list.

Tariffs on $34 billion of USA goods including agricultural products such as soybeans will take effect from July 6, the ministry said. "A first round of tariffs on $50 billion in goods is locked in and the risk of escalation to a second round is considerable".

"Following the path of expanding and opening up is China's best response to the trade dispute between China and the United States, and is also the responsibility that major countries should have to the world", said an editorial in Xinhua news agency.

Trump said in a statement that the United States would pursue additional tariffs if China retaliates. Earlier today, he said the United States would impose further tariffs, but did not specify an amount.

"There is very little chance that this three-week delay to July 6 will allow for a last-ditch effort to avert tariffs", said economists including Michael Hirson, Asia director at Eurasia Group in NY.

The U.S. imports a LOT more Chinese goods than the Chinese import in regards to American goods and its easy to see above.

'Very Unfair!': Trump Slams 'Tough Sentence' for Ex-Campaign Chair Paul Manafort
Federal prosecutor Greg Andres also alleged in court that Manafort used a practice called "foldering" to secretly exchange emails. Kilimnik is believed to be in Moscow - and therefore safe from arrest because Russian Federation does not extradite its citizens.

Hierro replaces sacked Lopetegui as Spain manager
Rubiales went on to say that he had heard the news "five minutes before Real Madrid announced it". "There's a way to act that needs to be fulfilled".

White House says Trump plans early summit departure
Both the leaders will discuss issues such as North Korea denuclearisation and an end to the Korean War, Fox News reported. Mr Pompeo said Mr Trump was "fully prepared" for the talks, and was optimistic that the outcome would be "successful".

So far, Mexico, Canada, and the European Union have done little to retaliate against the United States for levying 25% tariffs on steel and 10% tariffs on aluminum.

Experts panned Trump's strategy of using tariffs to attempt to curb China's manufacturing rise.

Trump's announcement is an escalation of a long-simmering trade battle between the two countries.

Wall Street has viewed the escalating trade tensions with wariness, fearful that they could strangle the economic growth achieved during Trump's watch and undermine the benefits of the tax cuts he signed into law past year.

"We deeply regret that the United States has disregarded the consensus formed. and provoked a trade war".

US farmers are especially concerned about the impact of a trade war, since they are sure to feel the hit.

The Trump administration has identified multiple ways Beijing steals US technology and undermines USA access to the Chinese market, which are the basis for the new tariffs.

In response, the Chinese government have promised to retaliate with similar tariffs.

The Motor and Equipment Manufacturers Association, which represents auto parts makers, called the tariffs "taxes that hurt USA companies, put jobs at risk, and negatively impact consumers".

Trump has blamed the trade imbalance between the two countries for the loss of American jobs. Even if the USA duties reach the full $150 billion, they estimated it would shave well under a half-percentage point off China's annual growth rate, which could be offset by fiscal and monetary policy actions.

Related news:

Hot News

isis-killer-beheading-video-story-top Our man reveals England reaction to Ronaldo heroics as training steps up
Jun 17, 2018 - 02:04
If a World Cup cannot inspire a nation, then I'm not sure what can", said the English FA technical director Dan Ashworth. But a chat with the player saw a greatly improved performance against the Central Americans.

isis-killer-beheading-video-story-top Nigeria’s lucky chickens banned from World Cup stadiums
Jun 16, 2018 - 18:02
Prosecutors claimed Modric gave a false court statement in June previous year about his 2008 transfer from Dinamo to Tottenham. There is no doubt there is a massive frenzy with the Nigerian team and the jersey that they have on display.

isis-killer-beheading-video-story-top Golovkin vs. Canelo rematch happening
Jun 16, 2018 - 18:00
There is no fight ", De La Hoya told ESPN shortly after the deadline passed. "This is the fight Gennady wanted", Loeffler said. De La Hoya eventually increased Golovkin's share to 40 percent, but GGG continued to stand firm on parity. "No fight.

isis-killer-beheading-video-story-top Afghan Chief Executive to watch India-Afghanistan test match tomorrow
Jun 16, 2018 - 17:49
The 30-year-old batsman said his team mates would need to adapt to test cricket after playing in the Indian Premier League Twenty20 competition over the last two months.

isis-killer-beheading-video-story-top Sarah Huckabee Sanders denies CBS News report she’s leaving the White House
Jun 15, 2018 - 00:43
She became a senior adviser to Trump in 2016 after managing her fathers presidential bid, which attracted just one delegate. In a style similar to how Sanders has dealt with the White House Press Corps, she tweeted the CBS News report was wrong.

isis-killer-beheading-video-story-top France Ready to Accept Migrants From Aquarius Ship Amid Standoff With Italy
Jun 15, 2018 - 00:42
The migrant rescue ship that was rejected by the Italian government has been rerouted on its way to Spain because of bad weather. Macron said he "had not made any comment meant to offend Italy and the Italian people", the statement said.

isis-killer-beheading-video-story-top US, Mexico and Canada to host 2026 World Cup finals
Jun 15, 2018 - 00:31
But with the five goals against the Saudis, a draw could be enough against either of its two remaining opponents. The United States will play the biggest role in the bid , with 10 of the 16 host cities being in America.

isis-killer-beheading-video-story-top Michael Cohen under pressure to cooperate with prosecutors
Jun 15, 2018 - 00:31
But the Times report also offered a less immediate timeline for the departure of Cohen's legal team than ABC's initial report did. A judge had set a deadline of Friday for Cohen's legal team to finish its review of the seized documents.

isis-killer-beheading-video-story-top Jada Pinkett Smith reveals her grandmother taught her about 'self-pleasuring'
Jun 15, 2018 - 00:31
And for Jada , this message was for her, too, because she once felt the same despair that the late Bourdain and Spade died from. Aspen", Willow recalled. "I was going downstairs to get some juice and I saw for a little moment and I ran away.

isis-killer-beheading-video-story-top Republican Mark Sanford Loses Primary, After Criticizing Trump
Jun 15, 2018 - 00:30
The President of the United States then called the congressman and former S.C. governor, "MIA and nothing but trouble". The district could go to a runoff thanks to ex-Democrat Dimitri Cherny , who has 3 percent of the vote.

isis-killer-beheading-video-story-top What E3 Showed Us About Cyberpunk 2077
Jun 14, 2018 - 08:13
You can also select a "life path" for the character which, according to Eurogamer , "Affects your experience within the world". We were told the mission we watched could have gone a variety of ways depending on a range of choices we made throughout it.

isis-killer-beheading-video-story-top Fox News host calls President Trump a dictator, apologizes
Jun 14, 2018 - 07:56
The U.S. president brushed off questions about his public embrace of the autocrat whose people have been oppressed for decades. He cast the decision as a cost-saving measure, but North Korea has long objected to the drills as a security threat.

isis-killer-beheading-video-story-top Japan eying Abe-Kim summit with possible Pyongyang visit - paper
Jun 14, 2018 - 07:51
Trump on his praise for Kim, pointing to the North Korean leader's murderous regime record. Pompeo is charged by Trump with leading the follow-on negotiations with North Korea.

isis-killer-beheading-video-story-top Belmont Stakes presents Justify with daunting challenges, and potential glory
Jun 14, 2018 - 07:46
Justify , who won the first two legs, won the Belmont Stakes on Saturday, June 9, 2018, to complete horse racing's Triple Crown. Baffert said after the Belmont that he wants Justify , who's won all six of the races he's entered, to race through this year .

isis-killer-beheading-video-story-top 'Shy' singer blows away America's Got Talent judges
Jun 14, 2018 - 07:40
And "go for it" is exactly what she did. "You are not from this era; you are from a whole different era", Howie Mandel told her. America's Got Talent had one of the cutest auditions!