The Trump administration is battling on a global front, taking aim at allies and adversaries alike. The United States has levied global tariffs on metal imports that include those from Europe, Canada and Mexico, while threatening to tear up the North American Free Trade Agreement.
These countries are fighting back, drawing up retaliatory measures that go after products in Mr. Trump’s political base. China’s response was swift on Friday, focusing on $50 billion worth of American goods including beef, poultry, tobacco and cars.
The trade actions could ripple through the global economy, fracturing supply chains and costing jobs at American companies that will be forced to absorb higher prices. Although the United States economy is especially strong, the tariffs are expected to drive up prices for American consumers as well as for businesses that depend on China for parts.
WASHINGTON — The Trump administration on Friday escalated a trade war between the world’s two largest economies, moving ahead with tariffs on $50 billion of Chinese goods and provoking an immediate tit-for-tat response from Beijing.
In June 15, 2018, the United States government announced that it would impose an import tariff of 25% on China’s $50 billion commodity based on the results of the 301 survey, of which about $34 billion in China will be implemented in July 6th, and the additional tariff measures for the remaining $16 billion are to be further sought. Public opinion. In spite of the strong opposition and solemn negotiation of the Chinese side, the United States has committed to violating the relevant rules of the world trade organization, seriously violating the legitimate rights and interests of the Chinese side according to the rules of the world trade organization, and threatening the economic interests and security of China.
In accordance with the laws and regulations such as the foreign trade law of the People’s Republic of China and the basic principles of international law, the Chinese side decides to impose tariff measures on imports of soya products, automobiles, aquatic products and other commodities originating in the United States, in accordance with the laws and regulations of the foreign Trade Law of the United States and the basic principles of international law. The tax rate is 25%, involving China’s imports from the United States amounting to about $34 billion in 2017 (see Annex 1). The above measures will come into force from July 6, 2018.
At the same time, China intends to impose a 25% import tariff on imported products, medical equipment, energy products and other commodities, involving about US $16 billion (see Annex 2) imported from the United States in 2017 (see Annex 2). The final measures and the time of entry into force will be announced separately.