China raises import duties on American products as ‘trade war’ intensifies
19 Juin, 2018, 12:30 | Auteur: Auguste Feret
Mr Trump met several cabinet members and trade advisers and is expected to impose tariffs on at least 35 billion to 40 billion dollars (£26 billion to £30 billion) of Chinese imports, according to an industry official and an administration official.
The planemaker, which counted on China for about $12 billion in revenue previous year, also said in an emailed statement that it is pushing for the countries to settle.
"In this day and age, launching a trade war is not in the interest of the world", the statement read.
The official also said the USA statement, which said Washington would continue to impose additional tariffs if China takes retaliatory measures, has come to China's notice and it reserves the rights to take corresponding measures.
"We will immediately introduce the same scale and equal taxation measures, and all economic and trade achievements reached by the two sides will be invalidated".
DeLauro said the Trump Commerce Department's disorderly implementation of trade enforcement tools failed to inspire confidence in the President's ability to appropriately hold the trading partners accountable.
Chinese officials announcedretaliatory tariffs aimed at the United States on Saturday that target American exports such as electric cars, soybeans, and whiskey. When a vehicle is sent to China from the United States, there is a Tariff to be paid of 25 per cent.
Trump announced on Friday that the new china tariffs will not initially include the full $50bn.
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Additional tariffs for 545 items of about 34 billion United States dollars which includes agricultural products, vehicles and aquatic products will be effective from July 6.
During an impromptu appearance on the White House North Lawn, the president hailed his "very big tariffs" on China.
Soybeans are a key United States export to China, an economic tie that makes the back-and-forth between the U.S. and China a source of anxiety throughout the American farm belt. "But I am concerned that these new tariffs will instead hurt American manufacturers, farmers, workers, and consumers".
Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico, Europe and Japan, drawing a rebuke from USA allies.
The Office of the US Trade Representative said the tariffs will start to be collected on July 6.
The administration is also working on proposed Chinese investment restrictions by June 30.
"Trade between our nations, however, has been very unfair, for a very long time".
Jay Timmons, president of the National Association of Manufacturers, said bilateral trade deals are better than trade wars.
The tariffs were quickly matched by China on USA exports, including lobsters and soybeans, a move that drew the president's ire. Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.
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