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Published: Sat, June 16, 2018
Global Media | By Abel Hampton

China: ‘The US has launched a trade war’

China: ‘The US has launched a trade war’

Trade between the two countries "has been very unfair, for a very long time", Trump said, adding that "this situation is no longer sustainable".

"There is still more work to be done by China and the United States to get to the ultimate outcome".

U.S. agricultural products, fish and automobiles worth some $34 billion worth of USA goods will kick in on July 6, with another $16 billion worth of products subject to the 25 percent duty at a later date, Xinhua reported citing the Tariff Commission of the State Council. "China has, for example, always been engaging in several unfair practices related to the acquisition of American intellectual property and technology".

"To make matters worse, President Trump rolled back sanctions on Chinese telecommunications firm ZTE after the company sold critical technology to Iran and North Korea, and lied to U.S. security officials about it. President Trump should be focused on American jobs, not China's", the lawmaker said.

"US-China trade tensions will be long-lasting", Yifan Hu, regional chief investment officer and chief China economist at UBS Wealth Management, told reporters in Beijing.

Beijing has announced its own tariff measures targeting Washington, following the White House's confirmation on Friday that a new round of duties against Chinese goods will go into effect in three weeks. -China relations "are both very important to me".

"Within days, soybean, corn, wheat and other American farmers are likely to be hit with retaliatory tariff of up to 25 percent on exports that keep their operations afloat".

U.S. President Donald Trump signs trade sanctions against China on March 22 in the Diplomatic Reception Room of the White House in Washington, D.C. The White House announced Friday that the U.S. would impose additional tariffs on $50 billion worth of Chinese imports. "China will retaliate and we will be at the beginning of a very nasty trade war if we proceed with this today". "China does not want a trade war", the statement continues by promising to "fight back vigorously" in defense of globalization and the world trade system.

It contains about 1100 items, including about 285 newly proposed items - including semiconductors and batteries - that are subject to further review.

Wang Huiyao, director of the Beijing-based Center for China and Globalization and an adviser to China's cabinet, said Trump's measures will damage U.S. "We call on all countries to act together to firmly stop such an outdated and backward move, and to firmly safeguard the common interest of all mankind".

Farmers for Free Trade Executive Director Brian Kuehl said the USA tariffs on China are expected to result in heavy retaliatory tariffs on US agricultural exports.

Trump said in a statement that trade between the US and China "has been very unfair, for a very long time", and that "this situation is no longer sustainable".

Beijing has also drawn up a list of $50 billion in USA products that would face retaliatory tariffs, including beef and soybeans, a shot at Trump's supporters in rural America.

Others feel that Trump may have built enough goodwill after the North Korean deal and given the strength in the economy, may be able to move forward with tariffs against China without severe political and economic consequences.

This triggered the promise of retaliation from the Chinese and set off a series of negotiations as the two countries attempted to avoid a trade war.

"The president's actions on China are on the money", Schumer said.

A further round of trade talks in Beijing earlier this month failed to yield any breakthroughs.

The Trump administration in May also assessed steel and aluminum tariffs on Canada, the European Union and Mexico.

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