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.

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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".

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