WASHINGTON DC – US President Donald Trump announced that new tariffs on Chinese goods will be applied to “industrially significant technologies”, and were introduced in response to China’s alleged stealing of US intellectual property.
The US president has warned that Washington will take additional steps if the Chinese side decides to retaliate.
However, Chinese moves to date appear to be reciprocal in nature, meaning that Washington’s warnings to China about ‘retaliation’ appear to be gas-lighting the public to a certain extent.
“If China engages in retaliatory measures, such as imposing new tariffs on US agricultural commodities, services or products” – “in response to [our] administration will adopt new tariffs,” Trump said.
“In light of the theft of intellectual property and technologies, as well as other unfair trade practices of China, the US will implement 25% tariffs of $50 billion against Chinese goods containing industrially significant technologies,” Trump said on Friday.
“My close friendship with China’s President Xi [Jinping] and our country’s relations with China are both very important to me. Trade between our countries, however, has been very unfair for a long period of time and is not sustainable. For example China has for a long time been involved in unfair commercial practices linked to the acquisition of US intellectual property and technologies,” said the US president.
Meanwhile, China has announced the introduction of a 25% import tax on 659 US goods, totaling about $ 50 billion, in response to similar US moves, the Chinese Ministry of Finance said in a statement on Friday.
“Under the Foreign Trade Law of the People’s Republic of China and other legislative acts, the State Council Customs Tariff Commission has decided to impose an import tax on 659 types of goods imported from the United States worth US $ 50 billion,” the ministry said in a statement.
The customs duty on 545 goods items on the list, worth $ 34 billion, will be applied on July 6. The date of entry into force of tariffs for products remaining on the list will be published later.
On March 22, Donald Trump announced for the first time his project of imposing tariffs on Chinese goods, tariffs that could reach 60 billion dollars.
In May, the United States and China agreed to take effective measures to reduce the US trade deficit, which would lead to increased imports of US goods by Beijing.
Meanwhile, at the end of May, the White House reported that Washington planned to apply 25% tariffs on China’s imported technology products, which would increase the risk of a new trade war between the two countries.