White House Hits China With New Tariffs, Ramping up Trade War

Mae Love
June 16, 2018

"Thus, the growth and inflation impact on the US economy will depend in large part on China's response, as well as the impact trade tensions have on global growth".

On March 1, the Trump administration announced a global 25 percent tariff on all steel imports and a 10 percent global tariff on all aluminum imports. In the statement, Trump said those measures would be implemented only if the Chinese strike back at Friday's move.

Most of all, the US tariffs are a response to China's attempts to supplant USA technological dominance, including outright theft of trade secrets and its requirement that US companies share technology in exchange for access to the Chinese market.

The US president said the new tariffs, which will start to take effect on July 6, were created to punish China for the theft of American intellectual property and technology.

China also said it would scrap promises to purchase more USA goods.

"In addition, they will serve as an initial step toward bringing balance to the trade relationship between the United States and China", he continued.

US customs will begin collecting the new tariffs on July 6.

Trump no longer believes that Beijing's influence over North Korea is a compelling reason to ease up on trade talks, now that his administration has opened up a direct line of communication with the nuclear-armed country, the first administration official said.

"The trade war was started many years ago by them, and the United States lost".

He said: "The US President said that he plans to confront China "very strongly" over trade in the coming weeks and that he intends to announce a fresh list of tariffs by Friday".

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Freeland said she had told Lighthizer Canada was resolute in its commitment to slapping retaliatory tariffs on US goods on July 1. Trump spent much of Tuesday praising a dictator who has murdered and imprisoned millions of people. "That was a mistake".

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"By imposing tariffs on consumer goods and key components of such goods, the president would needlessly take money out of Americans' pockets - harming the very people he hopes to help, not punishing China", said ITIC president and CEO Dean Garfield.

China will "immediately introduce taxation measures of the same scale and the same strength", the Chinese Commerce Ministry said.

But that amount is still significant and all but guaranteed to provoke a response form Beijing, which has its own tariff target list of $50 billion in USA goods, including soybeans, beef and cars.

An administration official made the announcement Thursday, saying the White House is due to unveil a revised list of tariffs targeting $50 billion from 800 different Chinese goods.

"China is our real trade enemy, & their theft of intellectual property & their refusal to let our companies compete fairly threatens millions of future United States jobs".

It also called on other countries to "take collective action" against this "outdated and backwards behaviour".

The president met his top trade advisers on Thursday to decide when to activate the tariffs, which come as relations with other major trading partners, Canada, the European Union and Mexico, have worsened following a fractious meeting of the G7 leaders.

Beijing has threatened to impose tit-for-tat charges on U.S. goods if Trump goes ahead, with cars, planes and soybeans believed to be on its list.

Those penalties have been met with consternation by world leaders, and led to a fraught G7 meeting with Canada, France, Germany, Italy, Japan and the United Kingdom last weekend.

By June 30, the administration is expected to finish writing rules to restrict China's ability to invest in USA technology.

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