U.S. targets Chinese tech with a 25 percent tariff

U.S. targets Chinese tech with a 25 percent tariff

The statement followed closely on the announcement that Trump would target US$50 billion in Chinese imports with tariffs, making good on a pledge to punish the alleged theft of USA intellectual property.

"Technology and innovation are America's greatest economic assets and President Trump rightfully recognises that if we want our country to have a prosperous future, we must take a stand now to uphold fair trade and protect American competitiveness". The Dow Jones industrial average was down more than 220 points in mid-afternoon trading.

U.S. stock futures declined, and haven assets such as the yen and Treasuries rallied after the announcement.

China Friday swiftly retaliated by imposing "equal" tariffs on U.S. products following a decision by Donald Trump to slap duties on US$50 billion of Chinese products. It also released a list of $16 billion worth of US goods that will face tariffs at a future date, just as the USA did.

The U.S.is also nearing completion of a second list of products ordered by Trump, worth $100 billion, which would be subject to the same public hearing process as the first, Reuters reported on Friday.

However, the list was due to be trimmed after a public comment period to reduce the negative impact on U.S. companies and consumers, so the final total is not confirmed.

On the threat of retaliatory tariffs, he said: "They do so much more business with us, than we do with them, that we can't lose".

The Trump administration could implement the tariffs as soon as next week.

A report in the Wall Street Journal quoting sources close to the matter said Thursday evening the list had been approved and would affect about $50 billion worth of goods, the same figure that was first announced in March.

The U.S. and China have been holding negotiations over the trade dispute.

Kellogg recalls Honey Smacks cereal over salmonella risk
Kellogg is asking that people who purchased potentially affected product discard it and contact the company for a full refund. The CDC said that the majority of the outbreaks have taken place in California, Massachusetts, New York, and Pennsylvania.

China is the world's biggest pork producer and consumer and its industry relies on soybean meal, a product of soybean crushing, to feed its pigs.

The Commerce Ministry statement gave no further details of the American products that would be hit.

For example, "laundry equipment" prices have shot up 17 percent since Trump put tariffs on washing machines in January.

The administration characterized the tariffs it announced Friday as entirely proper.

She said a trade war would lead to "losers on both sides" and could have a "serious" impact, according to the BBC.

Last month the White House effectively declared a truce in the trade hostilities with China, before deciding weeks later to press ahead with tariffs.

The countries said in a joint statement that China would "significantly increase" purchases of U.S. agricultural and energy products to reduce the trade imbalance, a top Trump administration demand. "All the economic and trade achievements previously negotiated by the two parties will become invalid". China has committed vast resources to building a domestic semiconductor industry, hoping to replace a large part of its $260 billion a year in chip imports.

President Trump speaks to reporters on the North Lawn of the White House on June 15, shortly after he announced new tariffs on China.

Farm commodities have been a key battleground in the escalating trade war between the world's two biggest economies.

Following a summit in Singapore between President Trump and North Korean leader Kim Jong Un, Secretary of State Mike Pompeo stopped in Beijing for meetings with President Xi Jinping and other top Chinese leaders. "My gosh, if the president gets upset with us we might not be in the majority". But he signaled that whatever the implications for that or other issues, "I have to do what I have to do" to address the trade imbalance. The United States now dominates those industries, but Chinese government support has made it hard for US companies to compete. But critics said the deal was too vague, and Trump quickly backed away. Mnuchin subsequently declared the trade war "on hold". We lost $500 billion in trade deficits previous year. "This is not the right approach".

Related Articles

  • Black Ops 3 is a bonus free game on PlayStation Plus

    Black Ops 3 is a bonus free game on PlayStation Plus

    Black Ops 4 puts all its attention into three distinct modes: Multiplayer, Zombies, and the all-new battle royale mode Blackout. Call of Duty Black Ops III surprisingly takes the first intermission at Sony's big E3 Press Conference.
    Trump claims he has 'largely solved' N Korea problem

    Trump claims he has 'largely solved' N Korea problem

    It was unclear whether Trump was referring to the American people or only to his staff. "It says he will denuclearize". The summit is also meaningful in that the US recognized the North as an equal dialogue partner, he said.
    Paul Manafort Gets Hauled Off to Jail

    Paul Manafort Gets Hauled Off to Jail

    District Judge Amy Berman Jackson in Washington, D.C., on the new charges brought by special counsel Robert Mueller last week. Manafort has maintained his innocence throughout the pretrial process and pleaded not guilty to the latest charges.
  • Michael Cohen Set to Cooperate With Feds

    Michael Cohen Set to Cooperate With Feds

    Sorry, I don't see Michael doing that despite the awful Witch Hunt and the dishonest media! "Malicious attacks on Mr. Daniels, whose real name is Stephanie Clifford, has said she had sex with Trump in 2006 when he was married.
    Kawhi Leonard no longer wants to be a Spur

    Kawhi Leonard no longer wants to be a Spur

    Yahoo Sports" Shams Charania reports Leonard "has grown uncomfortable with the Spurs and is ready for move'. Wojnarowski reported on Friday that Leonard's preferred destination was Los Angeles, namely the Lakers.
    Livescore: Result of Egypt vs Uruguay

    Livescore: Result of Egypt vs Uruguay

    In the United Kingdom (UK), the game can be watched live on BBC One or streamed live online using BBC iPlayer. We also don't expect Salah, Egypt's chief goal threat, to start or score in this game.
  • Some Canadians boycott American goods and travel after Trump's insults

    Some Canadians boycott American goods and travel after Trump's insults

    In the house of Commons Prime Minister Trudeau received a standing ovation from all parties showing their allegiance to Canada. Canada accepted 18.3 per cent of U.S. exports, ahead of Mexico and China, and is the top export market for 35 American states.

    McDonald's Will Ditch Plastic Straws Later This Year

    CNNMoney notes that, per trash-mapping app Litterati, plastic straws are the sixth most common type of litter in the world. "The drive to eliminate plastic straws is a good step and it's symbolic - and symbols are important", he said.
    U.S.  politicians not yet toasting Trump-Kim summit

    U.S. politicians not yet toasting Trump-Kim summit

    In their joint statement, the two leaders promised to "build a lasting and stable peace regime" on the Korean Peninsula. Trump cast the decision as a cost-saving measure, but also called the exercises "inappropriate" while talks continue.
  • Kyrie Irving ‘had a great time’ his first year in Boston

    Kyrie Irving ‘had a great time’ his first year in Boston

    He expects Boston's brass to discuss an extension with him at some point in the near future, but won't be signing it this summer. In a recent interview, Irving was asked if he is open for a possible reunion with James in Boston.
    North Korea sanctions remain until complete denuclearisation, says US

    North Korea sanctions remain until complete denuclearisation, says US

    He later added: "We're well on our way to getting denuclearization, and the agreement says there will be total denuclearization". Those who positively viewed the Kim-Trump summit said sitting down face-to-face itself was the best outcome of the summit.
    France ace expecting 'big things' from Pogba

    France ace expecting 'big things' from Pogba

    At Russia , Pogba will have to be more disciplined as he will be in charge of initiating France's attacks from a deeper role. Among France's various concerns, the most serious is possibly keeper Hugo Lloris' worrying recent display. "He's important.