Trump Tariffs Against China Take Effect

China EU USA trade war alliance Donald Trump President Xi

A China central bank adviser said the planned US import tariffs on $50 billion worth of Chinese goods - $34 billion plus a planned follow-on list worth $16 billion - will cut China's economic growth by 0.2 percentage points, although the overall impact would be limited, the official Xinhua news agency reported Friday. This ship, carrying tons of US soybeans, had been racing against the clock across the sea, trying to arrive in Dalian port before the tariff war started.

The U.S.is still negotiating trade arrangements with Mexico, which is the second largest soy consumer after China.

Commerce Secretary Wilbur Ross this week criticized warnings that the tariffs could stifle global economic growth as "premature and probably quite inaccurate". Ltd, another company in the province, is affected by the US list of Chinese products for additional tariffs. He noted that the new Russian tariffs will only allow a partial compensation of $87.6 million.

Beijing has vowed to immediately respond with an equal amount of tariffs of its own against US autos, agricultural and other products, but it was unclear how swiftly the actions could escalate into an all-out trade war.

U.S. exporters stand to lose, as they will miss out on the massive tariff reductions by the Chinese government, which is determined to open its market wider. No exact date was given.

Washington increased tariffs at 12:01 a.m. Trump said it was to protect USA security interests. Affected U.S. products also have no significant connection with Taiwan.

The Trump administration is confronting China over tactics it says include stealing technology and pressuring foreign companies to hand it over as the price of admission to China's vast market. American officials worry US industrial leadership will be eroded by Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence.

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Trump confirmed that the United States would begin collecting tariffs on $34 billion in Chinese goods at 12:01 a.m. Washington D.C. time (0401 GMT) on Friday and warned that subsequent rounds could see tariffs on more than $500 billion of goods, or roughly the total amount that the United States imported from China previous year.

More than half of exported USA soybeans are sent to China, mostly to produce cooking oil and livestock feed.

Tomoo Marukawa, professor at the Institute of Social Science of the University of Tokyo, said the United States' goal of reducing trade deficits by tariff measures, especially by imposing tariffs on Chinese goods, will by and large fail.

Donald Trump's trade war could potentially drag in products from other American trade partners, undermining relations.

Financial markets seemed to take the latest developments in stride.

Japan's main stock index, the Nikkei 225, gained 1.1 percent while the Shanghai Composite Index added 0.5 percent.

"We also make flags for Trump for 2020".

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The big question is how far the hostilities between Washington and Beijing will go.

He confirmed that tariffs on $34 billion in Chinese goods would indeed go into effect.

"Then as you know we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance", he noted.

That amount is higher than an earlier threat from Trump to target as much as $450 billion of Chinese exports.

"More multinational companies, SMEs and ordinary consumers will be impaired and many industries in the U.S. have realised that it is them that will bear the consequences".

Beijing's response came within minutes as it imposed a series of levies on a similar quantity of United States imports.

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Why is the United States imposing tariffs?

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