China and the United States launch a new series of tariffs in the trade war



[ad_1]

BEIJING (Reuters) – China and the United States began imposing additional tariffs on their respective products Sunday, the latest escalation of a deadly trade war, despite signs of a recovery in negotiations this month.

FILE PHOTO: This image shows US dollar and Chinese yuan banknotes on June 2, 2017. REUTERS / Thomas White / Illustration / File Photo

A new tariff series came into effect from 0401 GMT. The 5% Beijing US crude tax is the first target since the world 's two largest economies began their trade war more than a year ago.

The Trump administration will begin to levy 15% tariffs on more than 125 billion dollars of Chinese imports, including smart speakers, Bluetooth headphones and many types of shoes.

In retaliation, China began imposing additional tariffs on some of the US goods on a $ 75 billion target list. Beijing has not specified the value of goods subject to higher tariffs from Sunday.

Additional tariffs of 5% and 10% were levied on 1,717 items out of a total of 5,078 products from the United States. Beijing will start collecting additional customs duties on the remainder from December 15.

Chinese state media hit a provocative note.

"The United States must learn to behave as a responsible global power and stop behaving like a" school hangman, "the official Xinhua news agency said.

"As the world's only superpower, it must shoulder its responsibility and join with other countries to make this world a better and more prosperous place. Only then can America become big again.

The tariffs could not hinder China's development, said the People's Daily of the ruling Communist Party.

"China's booming economy has made China fertile ground for investment that foreign companies can not ignore," said the president in a commentary titled "Zhong Sheng", or "Voice of China ", often used to expose his point of view on foreign policy. policy issues.

Last month, US President Donald Trump announced a 5% increase in existing and planned tariffs on Chinese imports of about $ 550 billion, after the announcement by Beijing its own retaliatory tariffs on US products.

15% tariffs on cell phones, laptops, toys and clothing will come into effect on December 15th.

The office of the US Trade Representative announced Thursday it would collect public comments until September 20 on a tariff increase planned at 30% on a list of goods of $ 250 billion already hitting a tariff of 25%.

Sales teams from China and the United States continue to discuss and meet in September, but tariff increases on Chinese products scheduled for Sunday will not be delayed, Trump said.

For two years, the Trump administration has sought to put pressure on China to radically change its policy of protecting intellectual property, technology transfers to Chinese companies, industrial subsidies, and social security. Access to markets.

China has always denied Washington's accusations that it is engaging in unfair trade practices, promising to retaliate in this way and criticizing US measures as protectionist.

China has been pressuring the US to cancel tariff increases, but said last week that a round of negotiations in September was under discussion between the two.

The trade war is putting a strain on Beijing-Washington relations, already overshadowed by the United States' exercise of freedom of navigation near the Chinese-occupied islands in the disputed South China Sea, and by United States support for an autonomous and democratic Taiwan, claimed by China.

Report by Ben Blanchard, Judy Hua and Shivani Singh; Edited by Clarence Fernandez

Our standards:The principles of Thomson Reuters Trust.

[ad_2]

Source link