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Trump slaps 24% tariff on Chinese goods

15 June, 2018, 15:50 | Author: Lawrence Cooper
  • US Secretary of State Mike Pompeo and his Chinese counterpart Wang Yi traded barbs on trade and China's territorial claims Thursday just as the two seek cooperation on resolving the North Korean nuclear issue

As Trump prepares to impose the new tariffs on China, there is already evidence that his program is having a negative impact on some areas of industry and agriculture in Europe. "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.

The goods on the list targeted specific industries that China identified as part of its Made in China 2025 plan. Commitments made so far in talks with the United States will be withdrawn if the threat to impose tariffs is carried out, China said this month.

Tariffs from the United States have already prompted reciprocal measures from China, Canada and Mexico with the European Union unanimously approving reciprocal tariffs this week.

At the daily briefing here, Chinese Foreign Ministry spokesman Geng Shuang said, "If the USA side adopts unilateralism and protectionism and damages China's interests, we will respond in the first instance and take necessary measures to firmly safeguard our legitimate rights and interests".

The White House has declared that by June 15 it would announce its final list of $50 billion in Chinese products that would be subject to 25% tariffs under Section 301 of the Trade Act of 1974.

North Dakota farmer and NCGA President Kevin Skunes says, "Farmers are busy in the fields and need to be able to count on markets for their crops when it comes harvest time".

The countries said in a joint statement that China would "significantly increase" purchases of USA agricultural and energy products to reduce the trade imbalance, a top Trump administration demand.

If the president presses forward as expected, it could set the stage for a series of trade actions against China and lead to retaliation from Beijing.

"I'm a China-basher on trade", he told AFP, but added: "I don't see why we're imposing $50 billion worth of tariffs on China. Those are all historic ingredients for an economic slowdown", Cohn said at an event sponsored by The Washington Post. "This situation is no longer sustainable", he said.

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Such a move would mark a significant step toward a full-blown trade war between the United States and China despite months of trade talks and negotiations in an effort to avoid that outcome.

Spain's newly appointed agricultural minister, Luis Planas, also opposed the tariff's impact, saying it was unjust.

Trump's approval in this regard followed a 90-minute meeting he had with Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin and US Trade Representatives Robert Lighthizer yesterday.

The tariffs, which Trump set in motion in March, are a response to China's practice of compulsory technology licensing for foreign companies and its efforts to steal US trade secrets via cybertheft, administration officials have said.

Then in April, the administration provided a preliminary list of technology goods that the USA might target for tariffs.

The list is meant to minimise the impact on USA consumers and businesses by selecting goods where there are ample alternative supplies from other countries.

"The decision by the US Department of Commerce to impose unreasonably high and prohibitive anti-subsidy and anti-dumping duties on Spanish olives is simply unacceptable", the commission spokesman said.

But this time, He said, the inconsistency of the USA administration could mean several rounds of small-scale retaliation and talks.

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