Trump slaps tariffs on $50 billion worth of Chinese technology goods

Trump slaps tariffs on $50 billion worth of Chinese technology goods

Trump's tariffs arrived after the POTUS complained for more than a year about China's huge trade surplus with the United States.

U.S. president Donald Trump has announced a 25% tariff on $50bn in Chinese imports.

US soybean futures outpaced falls across most other markets on Friday as the trade war with China escalated and Beijing said it would impose tariffs on USA soybean imports, the single most valuable USA agricultural export product to its Asian rival.

The tariffs will target technology industries where China hopes to become a world leader, after an investigation uncovered rampant intellectual property theft by Chinese companies against United States firms.

"It generally focuses on products from industrial sectors that contribute to or benefit from the "Made in China 2025" industrial policy, which include industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials, and automobiles", USTR announced in a statement Friday. Steal those secrets. We'll protect those secrets.

President Trump has approved tariffs on $50billion worth of Chinese goods which could come into force today, it has been reported. "This is not the right approach", Thomas Donohue, president of the US Chamber of Commerce, said in an emailed statement.

Trump frequently cites the imbalance as the justification for a punitive trade policy toward China, Canada, Mexico, the European Union and other trading partners.

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In April, the USA revealed an initial list targeting about 1300 products worth $US50 billion in Chinese imports.

In an interview Friday with Fox News, Trump reiterated that while Chinese President Xi Jinping is his "friend", a "great man" and a "wonderful guy", the United States needs to "straighten out" trade deficit with China and protect America's technological innovations. But China in April had announced possible targets, including light aircraft, orange juice, whiskey, beef and soybeans - an economically and politically important export from America's heartland. It says it wants to stop the transfer of USA products and designs over to Chinese companies.

Trump is shaking up the world economic order with his zeal for tariffs and embrace of trade conflict. It authorizes the U.S. President to impose tariffs when it is in the interest of American "national security".

Beijing intends to impose tariffs with "equal scale, equal intensity" on imports from the USA and any consensus the two sides reached earlier would lose effect, the Commerce Ministry said in a statement on its website late Friday.

The president has already threatened to annul the North American Free Trade Agreement after a year of inconclusive talks with Canada and Mexico, and ordered an investigation into whether the US should impose tariffs on auto imports because he says they threaten American economic security. The Communist Party-run government countered with a list of goods slated for tariffs, including cars and farm products, that could cause political damage for Republicans. "China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer said. The new lines will go through a separate review period before being before U.S. Customs and Border Control can collect additional taxes on those goods.

The statement also said China was not going forward with deals to buy more American goods.

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