Published: Sun, June 17, 2018
Money | By Armando Alvarado

United States and China Officially in a Trade War over "Unfair Trade Practices"

United States and China Officially in a Trade War over

US President Donald Trump Friday announced tariffs of 25 percent targeting tens of billions in Chinese imports, sparking immediate retaliation from Beijing and bringing the world's two largest economies to the brink of an all-out trade war feared by markets and industry.

United States farmers find themselves in the crosshairs of a trade war with China and others launched by President Donald Trump, who was elected with the support of many in rural America.

US Trade Representative Robert Lighthizer said Friday the United States would begin collecting duties on 818 Chinese imports valued at $34 billion as of July 6.

Trump's announcement of the tariffs on Friday followed weeks of tense and ultimately unsuccessful negotiations towards a new trade agreement between the two countries.

"We spent 40 years building that market".

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.

The latest list specifically targets products that benefit from China's industrial subsidies, including the "Made in China 2025" technology plan. "But I am concerned that these new tariffs will instead hurt American manufacturers, farmers, workers, and consumers". They included a variety of agricultural products, including soybeans, corn and wheat along with beef, pork and poultry, plus automobiles.

China has also promised to levy tariffs on another round of products that will include coal, crude oil, gasoline and medical equipment.

The moves increase the trade dispute between the world's two largest economies.

"The Chinese side firmly opposes that", it said.

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Shinnecock can punish anyone in a NY minute. "Look, I don't mean any disrespect", Mickelson said after the round. A three-time major victor , he missed the cut by one shot and has missed four cuts total in 2018.

In the trade fight, Bannon said, Trump has used three major tools that "the American elites considered off the table" - namely, the use of tariffs, the technology investigation of China and penalties on Chinese telecom giant ZTE.

"Look, he's my friend, President Xi". Steal those secrets. We'll protect those secrets.

The statement also said China was not going forward with deals to buy more American goods.

USA and European stocks fell and bonds gained on the news. The 25% duties are a response to the US's so-called Section 301 investigation earlier this year that accused China of stealing U.S. intellectual property in an effort to dominate the development of advanced technology. "They see the isolated and the president as easily distracted". Among the affected $16 billion in US goods include crude oil, natural gas, coal and some refined oil products.

US Treasury Secretary Steven Mnuchin traveled to China last month for a round of trade talks, reportedly demanding that Beijing reduce its trade surplus by $200 billion.

Sen. Dick Durbin, D-Ill., also tweeted that farmers have a lot to lose from Trump's trade wars. He threw a meeting of the Group of Seven into turmoil by revoking support for the group's joint statement and berating the summit's host, Canadian Prime Minister Justin Trudeau.

"China definitely does not want a trade war, but in the face of the US's malicious, harmful and shortsighted conduct, China has to impose powerful countermeasures and resolutely defend the national interest and the people's interests", it said.

The U.S. isn't the only country in the lobster trade.

"We are assessing the impact these tariffs and any reciprocal action could have on our supply chain and commercial business", said Boeing spokesman Charles Bickers.

It came in the aftermath of Mr Trump's nuclear summit with North Korean leader Kim Jong-un and his push for China to maintain economic pressure on the North.

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