China decides to impose additional tariffs on US$50b of USA imports

Donald Trump has approved tariffs on $50billion worth of Chinese goods targeting technology industries where Beijing hopes to become a world leader

It's a quick response from the Beijing government to President Donald Trump's tariff increase on Chinese goods. When a auto is sent to China from the United States, there is a Tariff to be paid of 25 per cent.

U.S. President Donald Trump's new trade tariffs will lop at most a couple of tenths of a percentage point off U.S. growth and add a similar amount to inflation, small fry for a $19 trillion economy that is experiencing its second longest economic expansion on record.

The White House said it would consult on tariffs on the other $16bn of products, and would apply these later. "You get consumers who are worse off".

The reason for the 18 percent price hike, the dealer told him, was the tariff Trump applied to imported aluminum.

US and Chinese officials in recent weeks had made progress on a deal that involved up to $70 billion in additional purchases of American products, the Washington Post reported.

In May, tensions eased temporarily after Chinese negotiators agreed to buy more American farm goods, natural gas and other products. After receiving public feedback, it removed 515 from the blacklist and added 284 others.

The tariffs, which are likely to take effect from July 6, will cover vaguely 1,102 Chinese product lines worth about $50 billion a year, according to the reports.

Trump laid out a list of more than 800 strategically important imports from China that would be subject to a 25 percent tariff starting on July 6, including cars, the latest hardline stance on trade by a USA president who has already been wrangling with allies.

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"All the economic and trade-related achievements previously reached by the two sides will be rendered invalid", the ministry said, referring to the results of earlier rounds of China-US trade talks. But China in April had announced possible targets, including light aircraft, orange juice, whiskey, beef and soybeans - an economically and politically important export from America's heartland.

"I am concerned that these new tariffs will hurt American manufacturers, farmers, workers and consumers", he said.

Washington and Beijing appeared increasingly headed toward a trade war after several rounds of negotiations failed to resolve USA complaints over Chinese industrial policy, market access and a $375 billion trade gap. Televisions and pharmaceuticals were removed from the original tariff list.

New tariffs on imports from China may leave American companies with a choice - pay a higher freight bill now or pay the tariffs starting in three weeks. By May, the cost of laundry equipment had jumped 17 percent from two months earlier, according to government data. 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. Among these are outright cyber-theft. The United States now dominates those industries, but Chinese government support could make it hard for USA companies to compete.

On the other hand, Global Times, a newspaper published by the ruling Communist Party, wrote, "In this trade war, it's the USA who is playing the role of provocateur, while China plays defence".

United States restrictions will target China's technical industries, including aerospace, robotics, and auto engineering. "The president's actions on China are on the money", said Senate Minority Leader Chuck Schumer.

A farmer in OH found himself in the cross hairs of a global trade war on Friday.

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