Trump ignites trade war with China, triggering swift retaliation

Trump announces 25% tariff on Chinese imports

Trump slaps China with new tariffs but denies claims of a trade war

Air freight is highly seasonal, with prices spiking in the fall as Christmas gifts are sent to stores and consumers. Before Trump acted, the biggest measure was imposed in the 1980s when Washington forced Japan to limit exports of cars. By May, the cost of laundry equipment had jumped 17 percent from two months earlier, according to government data. Other tariffs will be announced at a later date. These practices, documented in an extensive report published by the United States Trade Representative (USTR) on March 22, 2018, harm our economic and national security and deepen our already massive trade imbalance with China. "They've taken so much", he added.

For context, China exported about $505 billion in goods to the U.S.in 2017, so this hits about 10 percent of goods that come here from China.

In turn, China's Commerce Ministry issue a quick statement, saying that it would "immediately introduce taxation measures of the same scale and the same strength".

The Chinese government has already promised retaliation in equal measure against US goods including soybeans and imports of four-wheel drive vehicles.

The American Chamber of Commerce had appealed to Washington to avoid a tariff hike but said Trump's threat has prompted Beijing to engage in more intensive negotiations than it had in recent years.

Trump released a statement on the new tariffs, calling them a retaliation against Chinese intellectual property graft.

China in April already put punitive duties on 128 United States goods, including pork, wine and certain pipes in response to global U.S. tariffs on steel and aluminum imposed by Trump the month before.

China has hit back at Donald Trump's decision to impose tariffs on $50bn (£37bn) worth of its goods by responding in kind as the tit-for-tat trade war heats up. The president has coordinated closely with China on efforts to pressure Pyongyang to eliminate its nuclear arsenal.

The "Made in China 2025" initiative is aimed at accelerating China's prowess and narrowing its competitiveness gap with the United States and other industrial powers in key technologies such as robotics and semiconductors. China's interest in US lobster has grown exponentially in recent years, and selling to China has become a major focus of the lobster industry.

USA stocks fell Friday morning, with industrial giants Boeing and Caterpillar especially hard-hit. "It not only wears away and squanders the country's reputation, but it also allows China to see more clearly the face of the Trump administration, one that is rude, unreasonable, selfish and headstrong", an editorial read.

The $100 billion worth of targeted goods altogether represent a significant portion of the $636-billion two-way trade previous year.

"The Chinese side doesn't want to fight a trade war, but facing the shortsightedness of the USA side, China has to fight back strongly", the statement from China, printed by AP said.

Foreign business groups have complained for a decade that Beijing is squeezing them out of promising economic fields.

"These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs", Trump said. "It is also about values, governance and geopolitical disagreements", she said.

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