China vows retaliation for US tariff hike

Trump will impose tariffs on $50 billion of Chinese goods, prepared to retaliate if needed

He again complained that he had been blindsided by Canadian Prime Minister Justin Trudeau's criticism of his tariff threats at a summit-ending news conference. Indeed, the numbers appear identical.

On June 15, the USA announced additional tariffs of 25 percent on Chinese imports worth approximately 50 billion U.S. dollars.

Tariffs on $34 billion of US goods including agricultural products such as soybeans will take effect from July 6, the ministry said. The Chinese list includes agricultural products, automobiles, and aquatics.

From July 6, additional tariffs will be levied on some US$34 billion worth of Chinese products.

Trump's first announced that the USA would impose trade penalties on about United States dollars 50 billion of Chinese goods in March. 284 more items are proposed to be taxed. This left 818 lines valued at $34 billion.

The move threw the G7 meeting last weekend into disarray, with US President Donald Trump retracting his endorsement of the joint statement and lashing out at host Canada. "That is why I am calling on President Trump to fight for American jobs with a comprehensive strategy that puts American economic interests front and centre", she said. In a statement Friday, he said trade with China "has been very unfair, for a very long time".

"This situation is no longer sustainable", Trump said Friday.

The good news for mobile tech fans?

The announcement was sure to spark countermeasures by Beijing, which yesterday vowed to strike back quickly if the USA hurts its interests, bringing the world's two largest economies to the brink of an all-out trade war long feared by markets and industry.

"We will immediately introduce taxation measures of the same scale and the same strength".

It comes after an "exhaustive investigation" found that China's "acts, policies and practices related to technology transfer, intellectual property, and innovation are unreasonable and discriminatory, and burden United States commerce", the USTR said. In April, the US banned the ZTE from buying American technology for seven years, effectively putting the company out of business.

The government went on: "In this day and age, launching a trade war is not in the interest of the world".

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Notably, China has also threatened to place tariffs on USA aircraft-a move that could be painful to Boeing.

The administration imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports in March. The EU, along with Canada and Mexico, will impose retaliatory tariffs on US goods, and file dispute settlement cases with the World Trade Organization in Geneva.

In mid-May, both sides announced a ceasefire after two rounds of trade negotiations. But, the spokesman also called the USA tariffs "deeply regrettable". Chinese officials have threatened further retaliation, sparking fears of trade war between the two countries.

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