Chinese Media Blames Trump Administration for Brewing Trade War

Trump announces 25% tariff on Chinese imports

Trump announces 25% tariff on Chinese imports

China, as promised, officially announced new retaliatory tariffs on US goods on Saturday, claiming that the Trump administration had "launched a trade war" with Friday's imposition of 25 percent tariffs on some $50 billion worth of Chinese exports. Within hours of the White House's announcement, the Chinese government issued a statement threatening to "immediately introduce taxation measures of the same scale and the same strength", CNBC reports.

Tariffs on the remaining 114 items, including chemicals, medical equipment and energy products, will start later.

The moves brought the world's two largest economies to the verge of an all-out confrontation long feared by markets and industry.

Being penalized for succeeding in global trade is one more twist in a brewing worldwide trade war that comes as the president implements his "America First" trade policy, aimed in part at cracking down on what he said are China's unfair trade policies and its efforts to undermine USA technology.

In a statement, Trump said 25 per cent tariffs will be applied to Chinese goods that "contain industrially significant technologies".

A further descent into an all-out trade war loomed, with the United States vowing to "pursue additional tariffs if China engages in retaliatory measures".

The US had "provoked a trade war", the Chinese Commerce Ministry said.

A Chinese government website on Friday posted a list of seafood products that will be subject to the tariffs, and it included live, fresh and frozen lobster.

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China also called on the world to "firmly safeguard" the interests of the people.

China has said that it will retaliate with $50 billion in tariffs in response, rattling financial markets.

Making good on a pledge to punish the alleged theft of American intellectual property, Trump warned in a statement of "additional tariffs" if China hits back with tit-for-tat duties on American goods and services exports. From July 6, additional tariffs will be levied on some 34 billion United States dollars worth of Chinese products. "American businesses that experience supply disruptions and farmers who lose export sales as China retaliates will let their congressional representatives hear about it", the Post said.

"This includes goods related to China's Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries".

Mr Trump has already slapped tariffs on steel and aluminium imports from Canada, Mexico, Europe and Japan, drawing a rebuke from United States allies.

The U.S. isn't the only country in the lobster trade.

Companies also are watching the fate of ZTE Corp., a Chinese maker of telecoms gear that ran afoul of US regulators after it violated restrictions on exports of American technology to Iran and North Korea. Levies are scheduled to take effect for roughly 800 of those products on July 6, while the remainder could face tariffs pending a final decision by the trade office.

The government also unveiled a list of USA products which will be subjected to additional tariffs, it said.

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