United States tariffs on Chinese imports take effect

China Warns US'Opening Fire On World With Tariff Threats

China Warns US'Opening Fire On World With Tariff Threats

Bloomberg news reports that talks to avoid a trade war have stalled in part over USA demands that China reduce state support for high-tech industries.

The Trump administration plans to impose 25 percent duties on Friday on $34 billion of Chinese goods in its biggest sanctions yet over complaints Beijing steals or pressures companies to hand over technology.

With the US on Friday hitting China with tariffs on $34 billion in imports, and China immediately striking back with equivalent levies, the Sino-American trade war is officially on.

The new trade regulations imposed by the Trump administration, which levy a 25 percent tariff on $34 billion worth of Chinese imports to the us, have "violated [World Trade Organization] rules and launched the largest trade war in economic history to date", China's Ministry of Commerce declared in a statement Friday.

The statement added: "China had promised not to fire the first shot, but the country is forced to strike back to safeguard core national interests and the interests of its people ..."

Economists have warned that the escalating trade frictions could throttle global growth.

Beijing also accused Washington of breaching trade rules of the World Trade Organisation (WTO).

After that, the hostilities could intensify: Trump said the U.S.is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing refuses to yield to USA demands and continues to retaliate. "We will work with other countries around the world to jointly safeguard free trade and the multilateral system". Prices are about to go up on numerous import items, which will make clear that tariffs are actually - ta da! - taxes on domestic consumers rather than on foreign exporters. That study also found US soybean production could decline by 15 percent.

Previously, the White House had limited tariffs to an additional $200 billion of imports from China.

The US trade deficit in goods with China ballooned to a record $375.2-billion a year ago, further stoking Trump's ire.

Reprising the tactic he used against steel and aluminum imports, Trump in May ordered the Commerce Department to investigate whether imported vehicles and auto parts pose a threat to US national security that justifies tariffs. -China trade involves parts and supplies, rather than final goods - so the most immediate effect will be felt by the companies making the products, not the consumers finding them on store shelves.

The president also takes issue with the size of the U.S. trade deficit with China.

It comes at a time when the United States dairy industry was already bracing for new tariffs on cheese exported to Mexico.

Longer term though a trade war posed a risk to the recovery of the whole global economy, he said.

The overall monthly US goods and services trade deficit declined to $43.1 billion in May, from $46.1 billion in April.

The US and China imposed sweeping tariffs on one another just after midnight.

The tariffs also made real a campaign-trail pledge for Trump, who has fulminated for years against what he describes as Beijing's underhanded economic treatment of the United States. "What we will likely see happen in the short-term is apples that were destined for export markets will instead overhang the USA market", she said.

"Its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it".

There was no evidence of last-minute negotiations between US and Chinese officials, business sources in Washington and Beijing said. Mary Lovely, economics professor at Syracuse University, says that roughly 60 percent of U.S.

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