China: The United States Has ‘Launched a Trade War’

China: The United States Has ‘Launched a Trade War’

The United States has almost completed a second list of tariffs on $100 billion (75.44 billion pounds) in Chinese goods, as President Donald Trump prepares to enact an initial round of duties that is expected to trigger an in-kind response from Beijing, several sources said. "Thus, the growth and inflation impact on the USA economy will depend in large part on China's response, as well as the impact trade tensions have on global growth".

This person also said Ross had said the list would take aim at products for which China supplied 33 percent or less of total USA imports in individual product categories, making it easier to shift to other countries' supplies. 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.

China's Ministry of Commerce said the decision to impose tariffs meant "all previously agreed trade negotiation results are no longer valid".

However many economists and businesses in the USA say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on China for parts or assembly.

Tariffs on about $34 billion in Chinese imports will go into effect July 6.

On Friday, the White House confirmed it will impose a 25% tariff on $34 billion worth of Chinese goods.

"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices", Trump said.

Early this year in April US President Donald Trump has tweeted, "When a auto is sent to the United States from China, there is a Tariff to be paid of 2 1/2 per cent".

The Chinese have said they will place retaliatory tariffs on US products but have not yet specified which ones.

The U.S. imported $506 billion of goods from China past year and exported about $130 billion, leaving a 2017 deficit of $376 billion, according to government figures.

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Some companies that source materials from China could eventually look for suppliers in other Asian countries with low labor costs including Vietnam, the Philippines and Bangladesh, but many will take a wait-and-see approach because it takes times to rewire supply chains, said Erik Lundh, an economist specializing in China for The Conference Board, a major business group.

"We deeply regret that the United States has disregarded the consensus formed. and provoked a trade war".

Washington and Beijing appeared increasingly headed toward a trade war after several rounds of negotiations failed to resolve USA complaints over Chinese industrial policy, market access and a $375 billion trade gap.

While Trump has focused much of his efforts on curtailing what he sees as unfair trade, most mainstream economics have long argued that the deficit is not the proper precursor to gauge economic health.

Wall Street was in the red in late trading as China delivered on its promise of retaliatory tariffs.

Women interact near a robot designed by Chinese robotics company Pangolin at the Consumer Electronics Show Asia 2018 in Shanghai, China on June 15, 2018.

Those restrictions are aimed at stopping China from developing its own hi-tech industry with technologies acquired from the United States - one of Washington's long-standing complaints. Beijing is also considering reciprocal measures in response.

The trade representative's office acknowledged public concern that the tariffs list could raise prices for consumers.

Trump has blamed the trade imbalance between the two countries for the loss of American jobs.

Businesses in both countries, but especially the United States, are growing increasingly concerned that the dispute could escalate further and chill global economic growth.

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