Washington/Beijing: US President Donald Trump announced hefty tariffs on $50 billion of Chinese imports Friday as Beijing threatened to respond in kind, in a move that looks set to ignite a trade war between the world’s two largest economies.
Trump, whose hardline stance on trade has seen him wrangle with allies, said in a statement that a 25 percent tariff would be imposed on a list of strategically important imports from China. He also vowed further measures if Beijing struck back.
“The United States will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on United States goods, services, or agricultural products; raising non-tariff barriers or taking punitive actions against American exporters or American companies operating in China,” Trump said in a statement.
Earlier on Friday, China vowed to do just that, saying it would strike back, just hours before Trump’s statement. Trump has already said the United States would hit another $100 billion of Chinese imports if Beijing
retaliated.
TARIFF TALE
n United States will implement a 25 per cent tariff on $50 billion of goods from China related to intellectual property and technology
n Further levies if the Asian nation takes retaliatory measures
n Tariff list includes goods from China’s “Made in China 2025” strategic plan to dominate high-technology industries that will “drive future economic growth for China, but hurt economic growth for the United States and many other countries.”
n The United States will begin tariffs on $34 billion worth of Chinese goods starting July 6
n Steps to launch tariffs on 284 new product lines will also be taken.
n USTR announced that it will launch tariffs in two tranches — an initial slimmed down list of 818 product lines worth $34 billion, followed by a second list of products that have largely benefited by China’s industrial policies