The Latest: China fires back at US, raises own tariffs
WASHINGTON (AP) — The Latest on President Donald Trump’s tariffs on Chinese goods (all times local):
China has fired back in a spiraling trade dispute with President Donald Trump by raising import duties on a $34 billion list of American goods including soybeans, electric cars and whiskey.
The government said Saturday it was responding in “equal scale” to Trump’s tariff hike on Chinese goods in a conflict over Beijing’s trade surplus and technology policy that companies worry could quickly escalate and chill global economic growth.
The Commerce Ministry says “the Chinese side doesn’t want to fight a trade war, but facing the shortsightedness of the U.S. side, China has to fight back strongly.”
The ministry says it’s also scrapping deals to narrow Beijing’s multibillion-dollar trade surplus with the U.S. by purchasing more American farm goods, natural gas and other products.
The Ministry of Finance says Beijing will impose an additional 25 percent tariff starting July 6 on 545 products from the U.S. including soybeans, electric cars, orange juice, whiskey, salmon and cigars.
China plans to impose 25 percent tariffs on roughly $50 billion of U.S. goods in retaliation for the Trump administration’s announcement Friday that it would impose duties of the same amount on $50 billion of Chinese goods, according to a report from the official news agency Xinhua.
The tariffs will come in two steps, beginning with duties on 545 U.S. products worth $34 billion that will be focused on farm goods, cars and seafood, Xinhua said.
A second round of tariffs, to be imposed on an unspecified date, on 114 items worth $16 billion will mostly hit chemicals, medical equipment and energy products.
Trump has threatened to hit China with duties on another $50 billion of goods if it retaliates. China “has noticed the U.S. statement” and “reserves its rights to take corresponding measures,” a government official said, according to Xinhua.
China has quickly released some details on the retaliatory tariffs it plans to impose on U.S. goods. Chinese officials say they will slap duties on 545 U.S. products on July 6, according to a report in the Wall Street Journal.
The tariffs will be imposed on farm products, autos and seafood, the Journal report says.
The Chinese Commerce Ministry also says it will impose duties of “the same scale and intensity” in response to the Trump administration’s move to slap tariffs on $50 billion of Chinese goods.
It’s a quick response from the Beijing government to President Donald Trump’s tariff increase on Chinese goods.
The Chinese Commerce Ministry says it will immediately impose penalties of “equal strength” on U.S. products.
The ministry says it’s also scrapping deals to buy more American farm goods and other exports — steps that were intended to help ease a dispute over China’s trade surplus and China’s technology policy.
A ministry statement isn’t giving details, but a $50 billion list of possible targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef.
Trump’s tariffs are in response to complaints that Beijing steals or pressures foreign companies to hand over technology.
President Donald Trump is hailing his “very big tariffs” on China.
Trump is speaking Friday on the North Lawn of the White House, just as his administration just announced a 25 percent tariff on up to $50 billion worth of Chinese imports.
Trump says there is “great brain power” in this country. He adds: ”’There is no trade war. They’ve taken so much.”
Trump also defended his trade clash at a recent meeting of the Group of Seven industrialized nations. He again complained that he had been blindsided by Canadian Prime Minister Justin Trudeau’s criticism of his tariff threats at a summit-ending news conference.
The Trump administration is announcing a 25 percent tariff on $50 billion worth of Chinese imports, escalating a trade dispute between the world’s two largest economies.
President Donald Trump has vowed to clamp down on what he calls China’s unfair trade practices. China has said that it will retaliate with $50 billion in tariffs in response, rattling financial markets.
It comes in the aftermath of Trump’s nuclear summit with North Korean leader Kim Jong Un (kim jawng oon) and his push for China to maintain economic pressure on the North.
Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico, Europe and Japan, drawing a rebuke from U.S. allies.