Wednesday, 18 July, 2018

Beijing Ready to Retaliate Against US Tariffs on Chinese Goods

Trump will impose tariffs on $50 billion of Chinese goods, prepared to retaliate if needed Trump announces 25% tariff on Chinese imports
Andrew Cummings | 19 June, 2018, 23:11

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

Washington and Beijing appeared increasingly headed toward a trade war after several rounds of negotiations failed to resolve U.S. complaints over Chinese industrial policy, market access and a $375 billion trade gap. "China does not want a trade war", the statement continues by promising to "fight back vigorously" in defense of globalization and the world trade system. An initial list of 545 categories of items valued at $34 billion will be subject to tariffs starting July 6th-the same day the US says it will impose tariffs.

The Chinese commerce ministry issued a statement condemning the Trump administration's most recent tariffs, stating its intent to match all tariffs with equal restrictions on USA trade in a tit-for-tat battle over trade.

The Chinese government's top diplomat, State Councillor Wang Yi, said his country was prepared to respond if Trump went ahead with the tariffs.

Beijing has drawn up a list of 50 billion dollars (£38 billion) in U.S. products that would face retaliatory tariffs, including beef and soybeans - a shot at Mr Trump's supporters in rural America.

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The Commerce Ministry says "the Chinese side doesn't want to fight a trade war, but facing the shortsightedness of the USA side, China has to fight back strongly". Another 284 products worth $16 billion were than added to the new list for the total of 1,102 pre-cuts worth about $50 billion.

While Trump has sought to impose tariffs on goods that could complicate China's attempts to become a leader in the tech space, the Middle Kingdom has been pressuring parts of the US president's voter base-namely, the farming community. "My great friendship with President Xi (Jinping) of China and our country's relationship with China are both very important to me", Trump wrote. It includes a list of products which USTR argues have benefited from Chinese industrial policies, including the Made in China 2025 policy.

"'There is no trade war".

It said: "An escalating global trade dispute or widespread rises in import tariffs would have a marked negative impact on Germany's export oriented economy". Numerous exports are linked to the nation's "Made in China 2025" plan to lead the world in sectors like AI and robotics. In a joint news conference Thursday evening in Beijing, Chinese Foreign Minister Wang Yi said China and the United States have two options before them: one is "cooperation" and a "win-win" scenario and the other is "lose-lose". The affected nations have appealed to the World Trade Organization (WTO), demanding compensation over what they call a "protectionist measure".

That's why dozens of businessmen and businesswomen from across the country came to Washington, D.C., last month to beg the administration to abandon its ill-conceived plan to tax Chinese imports.

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