US-China Trade War: Donald Trump Imposes Tariffs on Chinese Imports Worth $50 Billion, Warns More if Beijing Retaliates
China, earlier in the month, had threatened to revert with duties on US imports if it is prevented to trade freely in the American market.
Washington, June 15: In what is likely to ignite the US-China trade war, American President Donald Trump on Friday announced the imposition of 25 percent tariff on Chinese goods worth $50 billion.
The tariffs will be imposed in two phases - from July 6 on goods worth $34 billion, followed by a similar tariff on goods worth $16 billion which are still being reviewed by the USTR. The list of items on which duty will be levied comprises of 1,102 product lines, including soybeans and pork which is widely consumed in the US.
The tariffs were long contemplated by the Trump regime as a House Congress Committee report had found China using "unethical trade practices and infringing upon American intellectual property rights".
In a statement issued today by the US President, he said America cannot tolerate losing 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," he said, further describing it as a "first step" towards balancing the trade relations with China.
As per the statistics available of 2017, the US imported Chinese goods worth nearly $503 billions, but the exports were worth only $130 billion. Thereby, a trade deficit of $343 billion was recorded.
China, earlier in the month, had threatened to revert with duties on US imports if it is prevented to trade freely in the American market. President Trump, however, remains unfazed with the threat, vowing to impose "much more tariffs" if the US is subjected to retaliatory measures by Beijing.
(The above story first appeared on LatestLY on Jun 15, 2018 07:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).