China To Increase Import Duty On Electric Cars Coming From The US

Trump announces tariffs on US$50 billion of Chinese good - and vows more if China retaliates

Just days after the Republican firebrand announced trade restrictions on some of the US's closest allies, including European Union states and Canada, it was confirmed America would impose tariffs of 25 percent on $50billion worth of Chinese goods.

Beijing's tariffs on United States goods will start on July 6 - the same day as Trump's announced restrictions - and will apply to agricultural products as well as cars.

A spokesperson from China's Ministry of Commerce said the USA has "ignited a trade war".

The tariff will affect mostly industrial products used by the aerospace, robotics, and information technology industries, according to the Office of the Trade Representative.

The Chinese government has chose to impose additional duties of 25 per cent on 659 items of USA products worth about Dollars 50 billion, state-run Xinhua news agency reported.

The administration has said it wants to aim its tariffs at industries identified in China's 2025 plan. Caterpillar Inc, another big exporter to China, ended 2 percent lower.

Earlier today China's foreign ministry said it would hit back Donald Trump's plans to plaster tariffs on its imports.

Trump's China trade offensive is only one side of his multifront trade confrontation with all major USA economic partners.

"The impact of trade conflict between the world's two largest economies will lead to serious consequences for economic growth and job creation and hurt those that are most vulnerable across the globe", Cargill Global Corporate Affairs Vice President Devry Boughner Vorwerk said Friday.

New tariffs on imports from China may leave American companies with a choice - pay a higher freight bill now or pay the tariffs starting in three weeks. The new list includes more agricultural produce, including dairy, alfalfa and seafood, than a initial group published in April.

China quickly answered with its own tariffs on American goods. Another 280 or so still need to undergo a public comment period, and will take effect later. A senior Trump administration official told reporters that companies will be able to apply for exclusions for Chinese imports they can not source elsewhere.

"We will immediately take tariff measures of the same scale and intensity". More on that soon.

Trump's tariffs did gain some support from an unlikely source, U.S. Senate Democratic leader Charles Schumer, who called them "right on target". In May, Chinese officials had promised to buy more American farm goods, natural gas and other products to narrow China's large trade surplus with the United States.

And he warned that any retaliation by Beijing would trigger another round of tariffs on Chinese goods. The second wave of Chinese tariffs will come later in the year, targeting another 114 goods worth $16 billion, including chemicals, medical equipment, and energy products like coal, crude oil, and gasoline.

On Thursday, China reiterated its preference for dialogue to resolve differences, but said it was ready to respond if Trump moved forward with tariffs.

The duties, which will make Chinese goods more expensive for USA customers, were imposed "in light of China's theft of intellectual property and technology and its other unfair trade practices", the White House statement said. Even if the USA duties reach the full $150 billion, they estimated it would shave well under a half-percentage point off China's annual growth rate, which could be offset by fiscal and monetary policy actions.

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