Trump approves plan to impose tough China tariffs

Trump approves plan to impose tough China tariffs

The U.S. will implement a 25-percent tariff on goods worth $50 billion from China that "contain industrially significant technologies", according to a statement by the White House. A senior Trump administration official told reporters that companies will be able to apply for exclusions for Chinese imports they can not source elsewhere.

The planemaker, which counted on China for about $12 billion in revenue past year, also said in an emailed statement that it is pushing for the countries to settle.

In a statement, he warned of "additional tariffs" should China hit back with tit-for-tat duties on American goods and services exports.

"We will immediately introduce the same scale and equal taxation measures, and all economic and trade achievements reached by the two sides will be invalidated".

The Chinese government's top diplomat, State Councillor Wang Yi, said his country was prepared to respond if Trump went ahead with the tariffs.

China has published its own list of threatened tariffs on US$50 billion of United States goods, including soybeans, aircraft and cars, and has said it would hit back if Washington follows up with further measures.

Trump has long complained about China's huge trade surplus with the United States.

China is the largest market for USA soy and the threat of tariffs on exports of the commodity has the potential to whip up trade anxieties in stalwart Republican states.

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However, the office is adding a second tranche of 284 product lines worth US$16 billion that would bring the total back up to the initial target of US$50 billion. Beijing has drawn up a list of $50 billion in US products that would face retaliatory tariffs. But if the president follows through on all the duties he's threatened, including the tariffs against China, U.S. inflation could accelerate by 15 basis points, according to Goldman Sachs.

The trade disputes between China and the US has been escalating for months.

However this time, much like the Canadian (among others) steel import tariffs, things are for real.

"In this day and age, launching a trade war is not in the interest of the world", China's Commerce Ministry said.

On Thursday, International Monetary Fund (IMF) director Christine Lagarde warned that the Trump administration's trade policies were likely to hurt the United States economy and undermine the world's trade system.

Trump also defended his trade clash at a recent meeting of the Group of Seven industrialized nations.

That raises the specter of an intensifying trade war, which would hurt consumers, companies and the global economy.

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