Trump announces tariffs on $50 billion in Chinese imports

Andrew Cummings
June 16, 2018

"We deeply regret that the United States has disregarded the consensus it has formed and flip-flopped, provoking a trade war".

At the same event, Cohn said the USA needs to "enforce the rule of law" on China's perceived theft of United States intellectual property.

'That's what has gotten us to the situation today where the Chinese are actually at the table, ' Bannon said.

On Thursday, International Monetary Fund (IMF) director Christine Lagarde warned that the Trump administration's trade policies were likely to hurt the U.S. economy and undermine the world's trade system.

The deadline to release the list comes as Washington faces a dizzying array of parallel diplomatic horse trading, as Trump is increasingly dependent on Beijing to help advance efforts at North Korean denuclearization, while also using aggressive trade tactics on all major USA economic partners.

"We had good and constructive discussions". Those pledges came during negotiations with United States trade officials last month.

This triggered the promise of retaliation from the Chinese and set off a series of negotiations as the two countries attempted to avoid a trade war.

"We call on all countries to take joint actions, resolutely put an end to this outdated and regressive behavior, and firmly defend the common interests of humankind".

Even Trump agrees with that.

"We will immediately introduce taxation measures of the same scale and strength", the statement said.

The tariffs will also be applied to autos and aquatic products, the ministry said.

Trump's tariffs were imposed in response to complaints that Beijing steals or pressures foreign companies to hand over technology. Another 280 or so still need to undergo a public comment period, and will take effect later.

After news of the American tariffs broke on Friday, National Association of Manufacturers President and CEO Jay Timmons released a statement calling for a bilateral trade agreement.

"China's government is aggressively working to undermine America's high-tech industries and our economic leadership through unfair trade practices and industrial policies like 'Made in China 2025, 'Lighthizer said". After some skirmishes related to washing-machine and solar-panel tariffs, Trump struck the first direct blow at China in March with the announcement of tariffs on Chinese goods.

China has said that it will retaliate with $50 billion in tariffs - rattling financial markets. Although China runs a trade surplus of about $360 billion with the United States, the U.S. runs a services surplus of about $100 billion with China.

Thomas Donohue is president of the U.S. Chamber of Commerce.

President Trump speaks to reporters on the North Lawn of the White House on June 15, shortly after he announced new tariffs on China.

The two sides have made some progress toward addressing the two countries' massive trade imbalance, with China putting forward a proposal earlier this month to purchase $70 billion in farm, manufacturing and energy products.

In a short White House statement, the president said the import tax would apply to "goods from China that contain industrially significant technologies".

"These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs", he said.

Beijing and Washington have held three rounds of high-level talks since early May that have yet to yield a compromise. In April, the U.S. banned the ZTE from buying American technology for seven years, effectively putting the company out of business.

All trade talks between China and the U.S. would be void if Washington imposed trade sanctions, he added. The U.S. imported US$505 billion of goods from China past year and exported about US$130 billion, leaving a 2017 deficit of US$376 billion, according to government figures. He again complained that he had been blindsided by Canadian Prime Minister Justin Trudeau's criticism of his tariff threats at a summit-ending news conference.

The European Union and Canada have said they will enact retaliatory tariffs starting in July.

And we know what those retaliatory measures might look like.

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