Trump approves tariffs on USD 50 billion worth of Chinese goods

19 June, 2018, 05:15 | Author: Martin Tyler
  • US President Donald Trump Trump says he'll confront China

Explaining why he believed Trump's decision was the right one, despite Beijing pledging it would retaliate over the decision to impose 25 percent tariffs on $50bn of Chinese goods, Schumer said the us had previously been taken advantage of, The Hill reported.

The US has in recent weeks also slapped tariffs on products from other countries, including its allies. China previously outlined plans to respond with retaliatory tariffs on $50 billion of U.S. products such as cars, planes and soybeans.

"The list does not include goods commonly purchased by American consumers such as cellular telephones or televisions", the office said. Among the affected $16 billion in USA goods include crude oil, natural gas, coal and some refined oil products.

US President Donald Trump has approved tariffs worth Dollars 50 billion on import of goods from China, a move that could escalate trade tensions between the world's two largest economies. China has published its own list of threatened tariffs on $50 billion in United States goods, including soybeans, aircraft, and autos, and has said it would hit back if Washington followed up with further measures. Although Pompeo was in Beijing to debrief the Chinese on the Singapore summit, the trade friction was never far from the surface.

"That is why I will continue to call for a meaningful strategy to address our deep trade deficit with China that has led to outsourcing of well-paying American jobs", she said.

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Such a move, it said, "seriously infringes upon the legitimate rights and interests of the Chinese side and undermines the interests of China and its people".

The move will escalate the trade dispute between the world's two largest economies and deepen the trade war between the United States and a host of others, including the European Union.

The statement said an investigation had found that "China's acts, policies and practices related to technology transfer, intellectual property, and innovation are unreasonable and discriminatory, and burden United States commerce".

Since US and China trade tensions began heating up in April, Nelson has seen no shift in Chinese demand for US soybeans. They steal over $300 billion worth of technology a year. Beijing has offered to buy an additional $70 billion worth of USA farm and energy products and other goods, according to Reuters' sources, but Trump has remained intransigent.

As Reason has noted repeatedly, tariffs are unlikely to be an effective tool in getting China to stop infringing American intellectual property.

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Mr Trump has cited national security as a reason to threaten punitive tariffs on German cars.

Trump has long complained about China's huge trade surplus with the United States.

Yichuan Cao/Sipa USA/NewscomThe trade war between Washington and Beijing escalated again today.

The tariffs were in response to complaints that China requires or pressures foreign companies to hand over technology.

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