Trump announces tariffs on $50 billion in Chinese imports

Trump announces tariffs on $50 billion in Chinese imports

In Beijing on Friday, Chinese foreign ministry spokesman Geng Shuang repeated earlier warnings that all trade talks between China and the United States would be void if Washington imposed trade sanctions.

"We remain deeply concerned", Helfenbein said, citing the threat of retaliation. "However, confronted by such short-sighted act that hurts both the US itself and others", he said.

He first announced that the United States would impose trade penalties on about $50 billion of Chinese goods in March.

While much of the USA apparel manufacturing industry has moved overseas to chase lower labor costs, the country still remains home to a multibillion-dollar textile industry. "Of course, we have also made preparations to respond to the second kind of choice".

Those tariffs were introduced under Section 232 of the U.S. Trade Expansion Act. "If there are not tariffs, it will be because the president has decided that he's not ready to implement tariffs", a person familiar with the administration's deliberations said, according to the same Reuters report. Trump is due to unveil revisions to his initial tariff list Friday.

Meantime, The Office of the United States Trade Representative (USTR) published a list of 1,102 Chinese imports that will be subject to additional duties.

But Friday's announcement meant that "all the economic and trade achievements previously reached by the two parties will be invalid", the Chinese Commerce Ministry said.

U.S. officials met at the White House today to trim the original list of 1,300 categories to about 800.

Could there be even more tariffs in the future?

China has pledged a tit-for-tat response.

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China attempted to lessen the levies earlier this month by offering to purchase about $70bn worth of commodities and manufactured goods.

Earlier in the week, the US Department of Commerce said that it will need to impose tariffs of between 7% and 27% on Spanish olives, because it believes producers in Spain are undercutting US rivals, by selling their product for as much as 26% less than it is worth.

After a round of talks in May in Washington, Chinese officials promised to buy more American farm goods, natural gas and other products to narrow China's multibillion-dollar trade surplus with the United States.

In his remarks, Pompeo did not address the looming deadline, but he did stress the US deficit with China was still too high. The US imported $505 billion of goods from China a year ago and exported about $130 billion, leaving a 2017 trade deficit of $376 billion, according to US government figures.

The U.S. announcement comes at a complex juncture in U.S. China chooses the first.

Trump's tariffs may also influence his efforts to bring peace to the Korean peninsula following his summit with leader Kim Jong Un this week in Singapore.

The China trade offensive is only one side of Trump's multi-front battle with all major U.S. economic partners.

President Donald Trump meets China's President Xi Jinping as he arrive for the state dinner with the first ladies at the Great Hall of the People in Beijing on November 9, 2017.

One key challenge the two face regarding North Korea is pushing forward denuclearization on the peninsula and the question of when sanctions should be loosened. And that's what has our trading partners so unnerved.

Sen Orrin Hatch (R-Utah) has supported Trump's tough stance on China, but opposes the tariffs.

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