US tariffs on Chinese imports escalate trade dispute

US tariffs on Chinese imports escalate trade dispute

The U.S. government also released a second list of 284 additional products it said were being considered for tariffs. At the same time, the broader S&P 500 dipped half a percentage point to 2,768.

ZTE last week agreed to pay a $1 billion fine to the US government to end a crippling supplier ban imposed after it broke an agreement to discipline executives who conspired to evade USA sanctions on Iran and North Korea. The two stocks are sensitive to trade tensions as a large part of their businesses comes from overseas.

"China's government is aggressively working to undermine America's high-tech industries and our economic leadership through unfair trade practices and industrial policies", Lighthizer said. "They've taken so much", he said in an interview with Fox & Friends. The announcement came from the Chinese foreign ministry as Washington got ready to target $50 billion worth of Chinese goods with still levies.

Cheslock said a lot of jobs could be affected in the long run, especially in construction, automobile and farming.

China is adept at playing countries and companies off against one another, Jennifer Hillman, a Georgetown University law professor, testified last week before the U.S. A senior Trump administration official told reporters that companies will be able to apply for exclusions for Chinese imports they can not source elsewhere.

Observers said an escalation in the trade dispute between the United States and China may have implications for Indian trade.

Trump faces competing objectives in pursuing a North Korean deal while seeking comprehensive economic concessions from China, which might loosen economic pressure on Pyongyang if Washington presses too far. "Just two weeks ago, the ME delegation heard directly from our state's lobster industry about the economic hardship a trade war with China would cause them". In particular, soy is most disadvantaged good: China is principal buyer of this seed to United States, 12 billion of dollars per year.

China previously signaled it would retaliate by taxing major agricultural imports like soybeans.

Analysts warned that the United States' growing protectionist measures will distort the world trade order.

"My guess is that the Trump administration will announce but not implement". But he signaled that whatever the implications, "I have to do what I have to do" to address the trade imbalance.


Washington and Beijing appeared increasingly headed toward a trade war after several rounds of negotiations failed to resolve USA complaints over Chinese industrial policy, market access and a $375 billion trade gap.

Greenspan told USA news channel CNBC that the United States is on the edge of a trade war and the presumption that foreigners are ripping the country off is nonsense. However, 10 days later the White House said it would proceed with the tariffs and place new limits on Chinese investments in the US.

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

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

Such measures could impact particularly some of the more vulnerable emerging and developing economies, the report said. It is probable, according to consultant, that Washington "will increase bet quickly with tariffs on 150 billion of dollars in imports of China", equivalent to 30% of total that it bought in that country in 2017.

The reaction to the USA tariffs was muted on Chinese social media, where it failed to break into the top 100 trending topics on the Twitter-like Weibo platform.

"(China) welcomes dialog and is not afraid of trade war threats".

While Trump has sought to impose tariffs on goods that could complicate China's attempts to become a leader in the tech space, the Middle Kingdom has been pressuring parts of the US president's voter base-namely, the farming community.

"Only if those negotiations begin to fail will the tariff threat become real", he told Xinhua.

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