China state media attack USA tariffs, leave scope for negotiation

Trump announces tariffs on US$50 billion of Chinese good - and vows more if China retaliates

China, in return, said it would impose an additional 25 percent tariff on certain us products worth $50 billion.

China's announcement could have major ramifications for the USA seafood industry and for the economy of ME, which is home to most of the country's lobster fishery.

Trump has vowed to fulfill his campaign pledge to crack down on what he contends are China's unfair trade practices and efforts to undermine USA technology and intellectual property.

Ministry spokesperson Geng Shuang also said China would cancel any commitments to increase purchases of USA exports should tariffs be imposed.

The US trade representative's office said it issued a revised China tariff list covering 1,102 separate product categories. He said tariffs place "the cost of China's unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers".

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

The first wave of tariffs is scheduled for July 6, covering US$34 billion of American goods that range from beef, poultry and seafood to soybeans and cars.

The tariffs will cover 1,102 Chinese product lines worth about $50 billion a year.

In a statement yesterday, the President said American trade with China "has been very unfair for a very long time", and insisted the new rules were created to punish China for the "theft" of American intellectual property.

"We deeply regret that the United States has disregarded the consensus it has formed and is fickle, provoking a trade war", the Chinese statement said.

US officials say the tariff hike targets goods that might benefit from Chinese theft of technology or pressure on foreign companies to hand it over in exchange for market access.

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.

Trump has made a number of tariff-related threats.

Another Democrat, Sen. Sherrod Brown of OH, tweeted that the tariffs are an important step to reset the trade imbalance with China.

Trade between the two countries "has been very unfair, for a very long time", Trump said, adding that "this situation is no longer sustainable".

The U.S. isn't the only country in the lobster trade.

ZTE last week agreed to pay a $1 billion fine to the US government to end a crippling supplier ban imposed after it broke an agreement to discipline executives who conspired to evade USA sanctions on Iran and North Korea. In that year, the US says its goods trade deficit with China was $375.2 billion.

The US, Europe, Japan and other trading partners complain Beijing's tactics including outright theft of foreign technology and subsidies and protection from competition for fledgling Chinese industries.

"We have taken essentially a defensive action", a senior USA official told reporters, adding that "further threats that are going to hurt other industries.would be a mistake".

The announcement came in response to Trump's increase in tariffs on Chinese imports in America.

The Motor and Equipment Manufacturers Association, which represents auto parts makers, called the tariffs "taxes that hurt USA companies, put jobs at risk, and negatively impact consumers". Those tariffs were introduced under Section 232 of the U.S. Trade Expansion Act.

For example, President Trump complains that the European Union imposes a 10 percent tariff on us -made cars, while the usa imposes a 2.5 percent tariff on foreign-made cars.

Related News:

  • Uruguay coach Oscar Tabarez in charge despite illness

    Uruguay coach Oscar Tabarez in charge despite illness

    Egyptian defender Ahmed Fathy and Uruguay's Luis Suarez vie for the ball in their Group A opener in Yekaterinburg on Friday. Uruguay coach Oscar Tabarez defended Suarez after Friday's game.
    Putin and Russia get their 1st win at the World Cup

    Putin and Russia get their 1st win at the World Cup

    Veteran defender Sergei Ignashevich has been named in Russia's starting lineup for their World Cup opener with Saudi Arabia . It's the end of the first half and it's the host nation who are now ahead in terms of goal .
    Michael Cohen seeking restraining order against Michael Avenatti

    Michael Cohen seeking restraining order against Michael Avenatti

    Prosecutors in NY said in a court filing later Friday that they are still processing material seized from Cohen in an April raid . Trump and his allies are turning against him, as pressure for him to cooperate with federal authorities continues.
  • Rory McIlroy laments third successive missed cut at US Open

    Rory McIlroy laments third successive missed cut at US Open

    Open Disaster" and "Woods gets off to disastrous start", but his two-day performance was not completely on him. Paul Krishnamurty says the leader remains worth taking on around a course where disaster lurks at every turn.
    Apple will complicate the spaclub access iPhone

    Apple will complicate the spaclub access iPhone

    Apple's plan for this update has been circulating among security blogs and law enforcement circles, enraging the agencies. Such devices are commonly used to unlock suspects' phones days or months after they have been locked.
    Apple nabs Oprah as top talent flocks to digital entertainment

    Apple nabs Oprah as top talent flocks to digital entertainment

    The shows created with Oprah will be part of an original lineup of content from Apple , the company said in their statement . Apple has deals with other stars including director Steven Spielberg and actresses Jennifer Aniston and Reese Witherspoon .
  • NASA Rover 'Opportunity' Threatened by Massive Dust Storm on Mars

    NASA Rover 'Opportunity' Threatened by Massive Dust Storm on Mars

    The Mars Reconnaissance Orbiter has a special role, acting as an early warning system for weather events such as the recent storm. It was first detected on May 30, and now covers a quarter of the planet, or more than 15.8 million square miles.
    Phil Mickelson to critics after U.S. Open penalty: 'Toughen up'

    Phil Mickelson to critics after U.S. Open penalty: 'Toughen up'

    As he walked off the green, he could be seen smiling and talking to playing partner Andrew Johnston , who also was smiling. Mickelson has five major championships total, including three Masters, one British Open and one PGA Championship.
    Iran have chance of beating Morocco: Carlos Queiroz

    Iran have chance of beating Morocco: Carlos Queiroz

    It was only Iran's second win in 13 matches at the World Cup and the first win for an Asian team in the tournament since 2010. The 2018 FIFA World Cup will be held from June 14, 2018 (6/14/18) until July 15, 2018 (7/15/2018) in Russian Federation .
  • Taxi driver crashes into group of World Cup fans in Russian Federation

    Russia is now hosting the World Cup and Moscow is one of 11 Russian cities where tournament games are being played. Interfax news agency cited a source as saying that the driver was drunk at the time of the incident.
    Dhawan first Indian to hit ton before lunch, joins list of greats

    Dhawan first Indian to hit ton before lunch, joins list of greats

    "I congratulate the people of Afghanistan as their cricket team plays their first global test match. We are happy to be here and playing India , Virat is not India ".
    Asda first to cut fuel prices after RAC plea

    Asda first to cut fuel prices after RAC plea

    He said the retailers will reduce prices if they think they can do, and are "not going to price at an insult level". This is the most expensive both fuels have been since September 2014.

Most liked

Pro-Europe British lawmakers up in arms at 'unnaceptable' Brexit amendment offer
As editor of the newspaper, Foote ran a famous front page promise of more powers for Scotland if it voted "No" to independence. MPs voted by 327 to 126 against a House of Lords proposal for a close relationship with the European Union like Norway.

Euro heads for worst week in 19 months on ECB's cautious stance
OIL: Benchmark U.S. crude rose 5 cents to $66.94 per barrel in electronic trading on the New York Mercantile Exchange. Retail sales jumped in May after shoppers spent more at home and garden stores, gas stations and restaurants.

Tiger Woods combats NY traffic by staying aboard $28.5m yacht
Open-style golf fits his game because he enjoys shooting around par, hitting long irons into greens, and playing steady. Several golfers have made sure to be close to the course this week, including Tiger Woods , Jason Day and Bubba Watson .

White House to suspend August US-S Korea drill
On Wednesday the USA military was looking at ways to ensure American forces in South Korea could still be fully trained and ready. They also are a means of showing allied solidarity, which is part of the psychology of deterring enemy attack.

McDonald's to replace plastic straws with paper ones
And in Malaysia, McDonald's will try a new approach to dispensing straws - giving them out only if a customer requests one. McDonald's said its decision followed a successful trial in selected restaurants earlier this year.

Confirmed: Gennady Golovkin & Canelo Alvarez Rematch
That means Alvarez will be cleared to box in September on Mexican Independence weekend in the fight capital. Loeffler said the fight did, in fact, appear to be dead when Golden Boy's deadline passed without a deal.

Celtics' Irving mum on potential LeBron reunion
Irving's comments have sparked theories that he is gearing up for a move to NY to join the Knicks next summer. As everyone knows by now, LeBron James will nearly certainly opt out of his contract and become a free agent.

Argentina v/s Iceland: Today in FIFA World Cup 2018
Only Edinson Cavani (10) scored more goals than Lionel Messi (7) in the CONMEBOLqualifiers for the 2018 World Cup. Whatever the result, Iceland will leave some of its best performance for the end, led by captain Aron Gunnarsson.

Multimillion-pound restoration hit by blaze at Mackintosh Building - fire chief
The alarm was raised at about 11:20 p.m. local time on Friday, Scottish Fire and Rescue Service said in a statement. Police have advised the public to avoid the area, and have closed off roads surrounding the art school.

EPA's Pruitt May Need to Resign, Key Republican Ally Says
James Inhofe, an interview with Ingraham. "I think something needs to happen to change that", he told Ingraham. Pruitt's event in Reliance was private and not publicized ahead of time.

Trump announces tariffs on $50 billion in Chinese imports
In his remarks, Pompeo did not address the looming deadline, but he did stress the US deficit with China was still too high. He first announced that the United States would impose trade penalties on about $50 billion of Chinese goods in March.

Spurs star Kawhi Leonard reportedly eyeing splashy move to Lakers
This is likely one of the betters deals they could get and Kawhi Leonard could join Ben Simmons and Joel Embiid in The Process. LA is the home to two teams, one that generates most the Kawhi rumors and the other that is a dark horse team in this race.

Melting of Antarctica is speeding up, worrying scientists
The data showed that between 2012 and 2017 the rate of loss of ice tripled in comparison to the loss rate before the year 2012. Getting a handle on what glaciers are melting fastest also has a bearing on what areas are likely to flood first .

Paul Manafort to be Jailed Following Witness Tampering Allegation
Manafort of trying to reach members of a public relations firm who could get word to the Europeans and help shape their story. He also asked the judge to consider the burden it would place on Manafort to prepare for two criminal trials from jail.

Trump wants his 'people' to be like Kim's 'people'
White House staff said Trump's seat-of-the-pants changes on the day of the summit undercut their plans to roll out the agreement. His remarks come days after his first and historic encounter in Singapore with the leader of the reclusive state on Tuesday.