Published: Tue, June 19, 2018
Markets | By Noel Gibbs

Trump announces tariffs on $50 billion in Chinese imports

Trump announces tariffs on $50 billion in Chinese imports

Such a move, it said, "seriously infringes upon the legitimate rights and interests of the Chinese side and undermines the interests of China and its people". Indeed, the numbers appear identical.

US President Donald Trump has approved tariffs worth Dollars 50 billion on import of goods from China.

Trump said the 25 percent tariff is supported by a report from the Office of the U.S. Trade Representative that found China's trade practices related to technology and intellectual property are discriminatory and burden the U.S. economy.

Trump's decision on the Chinese tariffs comes in the aftermath of his summit with North Korean leader Kim Jong Un.

On Friday, the White House confirmed it will impose a 25% tariff on $34 billion worth of Chinese goods.

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The second tranche of products will undergo further review. From July 6, additional tariffs will be levied on some 34 billion USA dollars worth of Chinese products.

Speaking alongside U.S. Secretary of State Mike Pompeo in Beijing, Chinese State Councillor Wang Yi said there were two choices when it came to trade. China's interest in USA lobster has grown exponentially in recent years, and selling to China has become a major focus of the lobster industry.

Although talks between Beijing and Washington have ground to a halt, US President Donald Trump insisted he was still open to negotiation. "That is why I am calling on President Trump to fight for American jobs with a comprehensive strategy that puts American economic interests front and centre", she said.

Tensions between the USA and several of its key trading partners have been simmering recently as the Trump administration tries to fight trade practices or deals it thinks are unfair to the U.S. USTR added an additional 284 product lines not on the original list.

Tariffs on these products will go into effect at a later date after a public comment period.

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The Chinese government said the tariffs were damaging relations and China's offer to buy up to $70 billion of additional American products was invalid.

Beijing has previously warned it would retaliate against such an action and within minutes of Mr Trump's announcement, the country's commerce ministry confirmed this. -China trade war fears and dragging down stocks markets as well as soybean prices Friday. They are the ones hurting us, and they hurt everybody. The Dow fell almost 200 points on Friday after the tariffs were announced.

U.S. consumers concerned that a trade war with China could mean higher prices for smartphones and televisions can breathe a sigh of relief. It would also expand the list of telco equipment to include low-voltage "Insulated electric conductors of a kind used for telecommunications".

Earlier, trade expert Stephen Jacobi told NBR that while New Zealand has few exports in the areas targetted by Mr Trump for tariffs (our steel and aluminium exports to the USA past year totalled $60m), there could be a substantial indirect cost.

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