In Beijing, the State Council's Customs Tariff Commission said on Friday it will impose a 25 percent tariff on 659 categories of US goods valued at $50 billion.
The Chinese government said it would respond in kind to the USA tariffs, which will apply to roughly 1,100 exports and will target China's aerospace, robotics, manufacturing and auto industries. The Chinese list includes agricultural products, automobiles, and aquatics. From July 6, additional tariffs will be levied on some 34 billion USA dollars worth of Chinese products. It is reviewing a list of items that would cover an additional $16 billion worth of Chinese imports.
President Donald Trump officially rolled out tariffs on roughly $US50 billion worth of Chinese goods Friday and threatened further measures if the Chinese government hits back. Currently, the USA has a trade deficit of more than $370 billion per annum with China. This left 818 lines valued at $34 billion.
Companies also are watching the fate of ZTE Corp., a Chinese maker of telecoms gear that ran afoul of USA regulators after it violated restrictions on exports of American technology to Iran and North Korea. The move has stoked business fears of a sustained trade war that could raise prices on American consumers, while heartening some lawmakers who have long called for a tougher stance against Beijing.
"This situation is no longer sustainable", Trump said.
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Those Obama-era rules prevented ISPs from blocking or slowing legal traffic, or from being paid for prioritized, faster delivery. So the carriers are going to look for greater opportunities to diversify their packages, to expand what they offer you.
"Made in China 2025" is an important economic initiative undertaken by the Chinese government to promote the development of key industries, particularly in the tech sector, over the next seven years. "This isn't good news at all".
"All the economic and trade-related achievements previously reached by the two sides will be rendered invalid", the ministry said, referring to the results of earlier rounds of China-US trade talks.
"It has also seriously damaged China's legitimate rights and interests and has harmed the interests of China and its people, " Xinhua reported. Although Pompeo was in Beijing to debrief the Chinese on the Singapore summit, the trade friction was never far from the surface.
Agricultural trader Cargill, the largest USA private company, called for dialogue between Beijing and Washington so businesses, farmers and consumers would not be caught up in an all-out trade war. Other tariffs will be announced at a later date.
The move will escalate the trade dispute between the world's two largest economies and deepen the trade war between the USA and a host of others, including the European Union.
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The U.S. isn't the only country in the lobster trade. It authorizes the U.S. President to impose tariffs when it is in the interest of American "national security".
The news raised alarms around the ME lobster industry, as China's an emerging market for US lobster, which has gained popularity with the growing middle class. ME lobster was worth more than $430 million (U.S.) at the docks a year ago, and the industry is a critical piece of the state's economy, history and heritage. Additional Chinese tariffs on USA chemicals and medical and energy goods are expected to be identified at a later date.
The world's two biggest economies are now at war over trade.
The moves increase the trade dispute between the world's two largest economies.
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He was pressed on Trump pledging to end those joint military exercises and why the President called them "provocative". Pyongyang in return "commits to work toward complete denuclearisation of the Korean peninsula ".