Trump administration approves $50 billion tariffs on China

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From July 6, additional tariffs will be levied on some 34 billion United States dollars worth of Chinese products. "It's like competing in an Olympic race wearing lead shoes", replying to Trump's earlier tweet on wanting China to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States.

China will respond quickly to protect itself if the United States hurts its interests with fresh trade tariffs, a foreign ministry spokesman has said. Trump has wavered back and forth on imposing new tariffs on Chinese imports. 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. On July 6th, U.S. Customs and Border Protection will begin collecting the additional 25 percent tax on those products.

The list of 659 US goods was longer than a preliminary list of 106 goods published by the commerce ministry in April, although the value of products affected remained unchanged at $50 billion. China will bark back. Those pledges came during negotiations with USA trade officials last month.

China's finance ministry said it would respond with tariffs "of the same scale and strength".

Trump raised the prospect of even further escalation.

In addition to Friday's tariffs, the White House is also considering an additional set of tariffs on another $US100 billion of Chinese goods.

This person also said Ross had said the list would take aim at products for which China supplied 33 per cent or less of total U.S. imports in individual product categories, making it easier to shift to other countries' supplies.

"It's going to take a little bit of toughness at the beginning".

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He added that he told the president to do it "a few weeks ago". He added that the penalty is created to punish China for stealing American intellectual property and technology.

In a statement, he said: "The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices". And we should be strong.

After China warned it would retaliate, Trump threatened tariffs on a further $100 billion of Chinese products. They are part of Trump's decision to go forward with "pretty significant" tariffs, an administration official said yesterday.

That raises the specter of an intensifying trade war, which would hurt consumers, companies and the global economy. Another round of trade talks took place in Beijing earlier this month but failed to yield any breakthroughs.

The administration is also working on proposed Chinese investment restrictions by June 30.

On Friday, the U.S. imposed additional tariffs of 25 per cent on import of Chinese goods worth $ 50 billion.

The European Union and Canada have said they will enact retaliatory tariffs starting in July.

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