Trump announces tariffs on $50 billion in Chinese imports

Lucy Bush
June 19, 2018

He accused Beijing of "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, '" referring to a 2015 policy to upgrade China " s industry broadly, with an emphasis on high-tech including pharmaceuticals, and to expend China's influence globally.

Despite Schumer backing Trump's decision on China tariffs, he did warn in the Sunday interview against "making war" with US allies, including Canada, over trade. He said tariffs place "the cost of China's unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers".

The administration, in addition, could impose additional tariffs if China engages in retaliatory measures, the White House said.

China said Friday it is retaliating against US tariffs by imposing penalties on the same scale against the United States.

China has also compiled a list of $50 billion in US products that would face retaliatory tariffs, including agricultural products that could potentially harm Trump's large voter base in rural areas. It is reviewing a list of items that would cover an additional $16 billion worth of Chinese imports.

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The planemaker, which counted on China for about $12 billion in revenue past year, also said in an emailed statement that it is pushing for the countries to settle.

"China is systematically stealing the fruits of American innovation in an attempt to displace us as the most powerful economy and military in the world", he said.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

The tariffs will be imposed on farm products, autos and seafood, the Journal report says.

China responded swiftly, saying it would imposed "equal" tariffs on USA products.

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Beijing also said "all economic and trade agreements reached by previous negotiations will be nullified at the same time".

Beijing responded within minutes to Washington's announcement, saying they would impose tariff measures "of the same scale and strength".

A ministry statement gave no details, but a 50 billion dollar list of possible targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef. "So I thought what he did on China is right", Schumer said.

On Friday, the United States announced additional tariffs of 25 percent on Chinese imports worth approximately US$50 billion. Chinese officials have threatened further retaliation, sparking fears of trade war between the two countries.

The Commerce Ministry said on Friday it would also scrap deals made with Washington in talks aimed at defusing a much feared trade dispute.

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Other reports by Info About Network

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