Published: Sun, June 17, 2018
Worldwide | By Lisa Hogan

Chinese Media Make Trump ‘Fool’ Jibe

Chinese Media Make Trump ‘Fool’ Jibe

And as Trump warned of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods, China nevertheless unveiled 25 per cent duties on US$50 billion in U.S. imports.

USA agricultural products, fish and automobiles worth some $34 billion worth of U.S. goods will kick in on July 6, with another $16 billion worth of products subject to the 25 percent duty at a later date, Xinhua reported citing the Tariff Commission of the State Council.

The Chinese government said it would respond in kind to the U.S. tariffs, which will apply to roughly 1,100 exports and will target China's aerospace, robotics, manufacturing and auto industries.

"All the economic and trade-related achievements previously reached by the two sides will be rendered invalid", the ministry said, referring to the results of earlier rounds of China-US trade talks. Beijing immediately said it will place 25 percent tariffs on 106 American goods worth $50 billion. Another 234 Chinese goods could also face an identical penalty after further USTR review.

White House had earlier announced a 25 percent tariff on $50bn worth of Chinese goods over "unfair trade practices".

From July 6, additional tariffs will be levied on some United States dollars 34 billion worth of Chinese products.

Trump outraged Canadian, Mexican and European leaders last month by imposing punishing tariffs on imports of steel and aluminum to protect USA producers from allegedly unfair competition. According to the Post report: "It took little more than an hour for the Ministry of Commerce in Beijing to fire back at the president with a late-night statement pledging to erect trade barriers of the "same scale and the same strength".

They included a variety of agricultural products, including soya beans, beef, pork and poultry, plus automobiles. The first package of revised USA tariffs is scheduled to kick in on July 6 and will apply to 818 Chinese product lines, with another 284 product lines to follow at a later date.

The moves increase the trade dispute between the world's two largest economies.

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

Washington, along with Europe, Japan and other trading partners, have complained that Beijing's economic gamesmanship includes outright theft of foreign technology and subsidies and protection from competition for fledgling Chinese industries.

The government went on: "In this day and age, launching a trade war is not in the interest of the world".

In a statement Friday, Trump pledged additional tariffs if China follows through on the threat to fight back. Currently, the U.S. has a trade deficit of more than $370 billion per annum with China. "We've imposed import tariffs that will make it more expensive to buy and produce a whole range of goods here in the United States". At an event sponsored by The Washington Post, he added, "If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt".

It comes after an "exhaustive investigation" found that China's "acts, policies and practices related to technology transfer, intellectual property, and innovation are unreasonable and discriminatory, and burden United States commerce", the USTR said.

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