Beijing hits back on Trump tariffs
US President Donald Trump Thursday said he had ordered tariffs on $50 billion of Chinese imports as recompense for alleged intellectual property abuses. Hours later, China announced planned tariffs on imports of US pork, recycled aluminum, steel pipes, fruit and wine, according to a Commerce Ministry statement on Friday. China will also pursue legal action against the US at the World Trade Organization in response to the US’ planned tariffs on steel and aluminum imports, the statement said, and called for dialog to resolve the dispute.
The trade conflict between China and the US escalated, with Beijing announcing its first retaliation against metals levies hours after President Donald Trump outlined fresh tariffs on $50 billion of Chinese imports and pledged there’s more on the way.
On Friday, China unveiled tariffs on $3 billion of US imports in response to steel and aluminum duties ordered by Trump earlier this month.
The White House then declared a temporary exemption for the European Union and other nations on those levies, making the focus on China clear. Though Beijing’s actions so far are seen by analysts as measured, there may be more to come.
Equity indexes from Tokyo to Shanghai tumbled more than 3 per cent and US stock futures fell, signaling a further retreat for the S&P 500 Index after it fell 2.5 per cent, on risks a further escalation in trade tensions will undermine an unusual phase of synchronised global economic growth.
The trade conflict between China and the US escalated, with Beijing announcing its first retaliation against metals levies hours after President Donald Trump outlined fresh tariffs on $50 billion of Chinese imports and pledged there’s more on the way.On Friday, China unveiled tariffs on $3 billion of US imports.
The White House then declared a temporary exemption for the European Union and other nations on those levies, making the focus on China clear. Though Beijing’s actions so far are seen by analysts as measured, there may be more to come.