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

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.

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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.

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