The Trump White House formally announced the list of Chinese products to be hit with tariffs.
The US will implement 25% tariff on $50 Billion in Chinese imports, representing 1,102 product lines with the list of imported goods among those listed on China’s 2025 plan.
The US tariffs against China will be implemented in two tiers.
The first tier on July 6th will cover $34 Billion in imports. A second tier will cover the remaining $16 Billion, or 284 product lines.
POTUS Trump said in a statement that the “The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices.”
“These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs.”
“In addition, they will serve as an initial step toward bringing balance to the trade relationship between the United States and China.”
China immediately retaliated with $50 Billion in tariffs against US goods including soybeans, light aircraft, orange juice, whiskey and beef, starting July 6th.
The Chinese government clarified that tariffs on US soybeans will begin July 6, while tariffs on US crude oil, natural gas, coal and some refined oil products will begin at a later date.
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris, take a deeper look at the impending trade war, and what this means for the global economy.
Zerohedge (https://www.zerohedge.com/news/2018-06-15/china-strikes-back-retaliates-50-billion-tariffs-us-goods) reports that the response from China signaled a rapid escalation of the dispute. China will impose tariffs with “equal scale, equal intensity” on imports from the U.S. and all of the country’s earlier trade commitments are now off the table, the Commerce Ministry said in a statement on its website late Friday.
China’s Ministry of Finance is setting a two-tier system with $34 Billion on July 6th and $16 Billion more in tariffs to follow…
On June 15, 2018, the U.S. government issued a list of goods subject to tariffs, which will impose a tariff of 25% on about 50 billion U.S. dollars of goods imported from China, of which about US$34 billion will be goods from July 6, 2018. It began to impose tariffs and began to solicit public opinions on about 16 billion U.S. dollars in tariffs. The U.S. measures violated the relevant rules of the World Trade Organization and it is contrary to the consensus reached in the Sino-U.S. negotiations. It seriously violates our legitimate rights and interests and threatens the interests of our country and people.
According to the “People’s Republic of China Foreign Trade Law,” “The People’s Republic of China Import and Export Tariff Regulations,” and other laws and regulations and the basic principles of international law, the State Council Tariff Commission decided to impose an additional 25% on 659 items of US$50 billion imported goods originating in the United States. Tariffs, including 545 items of approximately US$34 billion in goods, have been subject to additional tariffs since July 6, 2018, and the implementation time of additional tariffs on other commodities has been announced separately.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.