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.

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