Billions in new tariffs signal start of US-China 'trade war'

US President Donald Trump Trump says he'll confront China

Trump has made a number of tariff-related threats.

"The U.S. decision has violated World Trade Organization rules and is contrary to the consensus that China and the U.S. reached in previous trade negotiations", Xinhua reported. Friday's actions are only aimed at China.

"There's no question, that to get to $100 billion you're going to hit consumer products coming in from China", a person briefed by Commerce Secretary Wilbur Ross told Reuters.

A lot, but not a lot.

On Friday, the United States imposed additional tariffs of 25 per cent on import of Chinese goods worth $ 50 billion. The website said that the items would be taxed at 25 percent. In general terms, they are products containing "industrially significant technologies", like aerospace, robotics and automobiles. If Trump does that, and China again retaliates in kind, that could mean that nearly all US goods exported to China would face new tariffs in the near future. (ZTCOY.PK) In April, the USA banned ZTE from buying American technology for seven years, effectively putting the company out of business.

At least initially, though, the new tariffs will not cover the full $50 billion in trade that the White House had threatened in March. Still, Silicon Valley is raising alarms that this will raise the prices for all kinds of high-tech goods.

Duties will take effect on some products within weeks.

Top among American products hit with duties by China are agricultural exports, with soybeans, sorghum, oranges, pork, poultry and beef included in the Dollars 34 billion in goods targeted for higher border taxes starting next month. Earlier today, he said the United States would impose further tariffs, but did not specify an amount.

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Why is the administration doing this?

"However, confronted by such short-sighted act that hurts both the US itself and others", he said.

Chinese foreign ministry spokesman Geng Shuang said Friday that China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests".

China has retaliated against the tariffs in two stages, calibrated with the steps being taken by the US.

The administration wants the Chinese government to change its ways on all these fronts.

Anti-monopoly regulators are believed to have delayed announcing a decision on the United States tech giant Qualcomm's proposed acquisition of the semiconductor maker NXP in part due to the tariff conflict. "It is also about values, governance and geopolitical disagreements", she said.

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. But the administration has made clear that these tariffs are meant to ultimately pressure China into some type of agreement, so they might not be permanent. The second wave of Chinese tariffs will come later in the year, targeting another 114 goods worth $16 billion, including chemicals, medical equipment, and energy products like coal, crude oil, and gasoline. On Friday, it called on other nations to join in.

The White House announced the tariffs one day after Secretary of State Mike Pompeo visited Chinese President Xi Jinping in Beijing for talks that were described as focusing on Trump's recent meeting with North Korean leader Kim Jong Un.

What else should I be watching out for?

Earlier, Chinese officials warned of mirror measures, pledging to introduce import tariffs on United States goods such as automobiles, aircraft, and soybeans.

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