Trade hostilities escalate as China slaps 25% tariff on United States soybeans

Торговая война продолжается Китай ответил на новые пошлины США

The president's response-via Twitter, as always-was that "we are not in a trade war with China, that was was lost many years ago by the foolish, or incompetent, people who represented the U.S". China's tariffs amount to about 0.3 percentage point of US gross domestic product, "so it's hardly a life threatening activity", he said. That number accounts for about one-third of China's imports from the United States previous year, versus less than one-tenth of China's exports to the USA, according to data from International Monetary Fund. Late on Tuesday, the Trump administration had announced 25 per cent tariffs on $50 billion of annual imports from China, covering around 1,300 industrial technology, transport and medical products.

It's a strategy that might just work.

The tit-for-tat action comes hours after Washington detailed about 1,300 Chinese products it meant to hit with tariffs - also set at 25 per cent.

China and the US both imposed tariffs on each other’s goods as trade tensions escalate. Other products such as vaccines and antidepressants are on the list of goods that will be hit by tariffs.

"I think the anxiety the market is reflecting is that it could escalate into a generalized (trade) war", he told the business news channel.

The report concludes that the trade balance approach is "clearly misleading", and the most damaging retaliation from China is to "punish USA business interests in China".

China is the largest market for USA soy and the threat of tariffs on exports of the commodity has the potential to whip up trade anxieties in stalwart Republican areas. That's on top of duties announced last month, meaning that some forms of those products will face a 50 percent fee to reach the USA, further boosting prices for some products.

The tariffs that China and the United States threatened this week could harm both sides.

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The Trump administration on Tuesday released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, subject to potential tariffs to protest Beijing's alleged theft of US technology.

Mr Tiankai's regimen utilized to be outraged through Donald Trump striking catalog on Chinese language imports along with garments and also electronic devices staying month.

The tariffs are expected to affect about $50 billion worth of Chinese goods including semiconductors, lithium batteries, communications satellites, television components, dishwashers and snow blowers.

China's tariffs could hurt sales of some of Boeing Co.'s best-selling planes, such as the 737 family of passenger jets and put the company at a disadvantage to Airbus SE. The U.S says China treats American companies unfairly by restricting access to its markets and stealing proprietary technology.

China has imposed tariffs of its own in response to Trump's actions and remains optimistic about its manufacturing potential. Virginia-based Smithfield Foods, the world's biggest pork producer, will likely be hit hard.

"We have been saying that China wouldn't start a trade war", a Chinese Foreign Ministry spokesperson said in Beijing.

Activity in Japan's service sector also grew at its slowest pace in 17 months last month, British shop prices dropped at the fastest pace in more than a year while Australian February building approvals fell 6.2 percent.

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