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Trade war looms as China retaliates against U.S. import tariffs

Trade war looms as China retaliates against U.S. import tariffs

Trade war looms as China retaliates against U.S. import tariffs

"It's like competing in an Olympic race wearing lead shoes", replying to Trump's earlier tweet on wanting China to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States.

The U.S. tariffs are in addition to previously announced duties on imports of steel and aluminum from several countries, including China.

The US tariffs are designed specifically to punish China for forcing American companies to hand over technology in exchange for access to the Chinese market.

So far, the US has imposed tariffs on steel and aluminum imports.

Beijing will impose tariffs on 545 U.S. items worth $34 billion - including agricultural products, automobiles and seafood - starting on July 6. President Trump approved the tariffs after a meeting with trade and Cabinet officials on Thursday.

China's government responded quickly by announcing it will immediately impose penalties of "equal strength" on U.S. products.

As part of President Donald Trump's trade agenda, the United States has launched another volley of tariffs - this time on China.

Aircraft, included in the earlier Chinese list, were not on the revised list.

President Donald Trump has vowed to clamp down on what he calls China's unfair trade practices, but denied there was a trade war after announcing the tariffs.

U.S. Secretary of State Mike Pompeo left shares a light moment with Chinese President Xi Jinping during their meeting at the Great Hall of the People in Beijing Thursday
Trump announces 25% tariff on Chinese imports

"We'll do $50 billion, on $50 billion of high technology equipment and other things coming into the country because so much of our secrets, we have the great brain power in silicon valley and China and others".

For example, officials have said they would drop agreements reached last month to buy more U.S. soybeans, natural gas and other products.

The United States has accused China of violating World Trade Organization rules over farmer subsidies, and failing to approve biotech traits in a timely manner.

Beijing has announced its own tariff measures targeting Washington, following the White House's confirmation on Friday that a new round of duties against Chinese goods will go into effect in three weeks.

"In light of China's theft of intellectual property and technology and its other unfair trade practices, the U.S. will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies", according to the White House statement.

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

China says its tariffs mirror the American ones.

His decision on the Chinese tariffs comes in the aftermath of his summit with North Korean leader Kim Jong Un.

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.

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