China spells out tariffs it plans on United States goods

CHINA-US-TRUMP-POLITICS-DIPLOMACY

The Trump administration had once again proved inconsistent and precarious, which would become a major hurdle as the world's two largest economies interacted with each other to build a new-type of trade relations, it said.

Just days after the Republican firebrand announced trade restrictions on some of the US's closest allies, including European Union states and Canada, it was confirmed America would impose tariffs of 25 percent on $50billion worth of Chinese goods.

"It generally focuses on products from industrial sectors that contribute to or benefit from the "Made in China 2025" industrial policy, which include industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials, and automobiles", USTR announced in a statement Friday. Trump said that with the increased tariffs he hopes to cut the trade deficit with China by $100 billion.

USA officials say the tariff hike targets goods that might benefit from Chinese theft of technology or pressure on foreign companies to hand it over in exchange for market access.

China will "immediately introduce taxation measures of the same scale and the same strength", the Chinese Commerce Ministry said.

The tariffs will cover 1,102 Chinese product lines worth about $50 billion a year. The remainder of the $50 billion is still to be decided.

Trump recently hit United States allies including the European Union, Canada, and Mexico with tariffs on steel and aluminum imports.

US President Donald Trump on Friday (Jun 15) ignited his trade war with China, slapping tariffs on tens of billions in Chinese imports and sparking immediate retaliation from Beijing.

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China has published its own list of threatened tariffs on US$50 billion of United States goods, including soybeans, aircraft and cars, and has said it would hit back if Washington follows up with further measures. A further round of trade talks in Beijing earlier this month failed to yield any breakthroughs.

United States officials say Beijing has sought industrial dominance in the emerging technologies through the theft of American know-how through forced technology transfers, hacking and other forms industrial espionage.

Boeing Co shares were down 2 percent in active trading. The company has lost 30 percent of its market value since resuming trade this week.

The European Union has called the USA steel and aluminum tariffs "illegal".

The immediate impact of tariffs on USA growth is expected to be relatively small, but economists warn a prolonged trade war could damage business investment and consumer confidence.

Trump has targeted China's "Made in China 2025" goods that are part of China's strategic plan to dominate the emerging high-technology industries that will drive future economic growth of China, but hurt economic growth for the USA and many other countries, he said.

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. So any agreement could also target the trade balance more directly.

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