Published: Sun, June 17, 2018
Global Media | By Jackie Banks

Chinese State Media Suggests President Trump Is a 'Fool'

Chinese State Media Suggests President Trump Is a 'Fool'

The United States hit China with 50 billion dollars' worth of new trade tariffs on Friday, triggering an instant reaction from Beijing that it would retaliate in kind.

After the United States announcement, China's commerce ministry responded by saying that it would "immediately introduce countermeasures of the same scale and strength", although it did not go into detail. The EU, along with Canada and Mexico, will impose retaliatory tariffs on US goods, and file dispute settlement cases with the World Trade Organization in Geneva.

In mid-May, both sides announced a cease-fire after two rounds of trade negotiations.

The announcement caps months of sometimes fraught shuttle diplomacy between Washington and Beijing, in which Chinese offers to purchase more US goods failed to assuage Trump's grievances over the soaring US-China trade imbalance and Beijing's industrial development policies.

The new tariffs come "in light of China's theft of intellectual property and technology and its other unfair trade practices", it added.

In a statement Friday, Trump pledged additional tariffs if China follows through on the threat to fight back.

"Launching a trade war does not accord with global interests", the Chinese commerce ministry said. The tariffs will hit products including aircraft tires and commercial dishwashers.

Beginning July 6, China will slap an extra 25 percent tariff on 545 products from the United States including soybeans, electric cars, orange juice, whiskey, salmon and cigars, according to the Ministry of Finance.

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Analysts warn that the move could kick of a full-blown trade war with China.

China responded swiftly, saying it has imposed "equal" tariffs on U.S. products. The Washington Post and The Wall Street Journal were among the publications reporting overnight that Trump, fresh from his return from the Singapore Summit with North Korean leader Kim Jong Un, has made a decision to enact significant tariffs on Chinese goods. In return, China said it will impose $3 billion worth of tariffs between 15 to 25 percent on 128 American goods.

The Chinese announcement is the latest volley in a trade dispute between China and the US that has been escalating for months. It is reviewing a list of items that would cover an additional $16 billion worth of Chinese imports.

The current dollar amount of US tariffs imposed on Chinese goods are tiny, however, when compared to the size of the $18 trillion USA economy. "There's no trade war, they've taken so much", Trump contended in the Fox News interview.

President Donald Trump has vowed to clamp down on what he calls China's unfair trade practices.

How will USA consumers and businesses be affected?

The trade representative's office acknowledged public concern that the tariffs list could raise prices for consumers.

PORTLAND, MAINE-A set of retaliatory tariffs released by China on Friday includes a plan to tax US lobster exports, potentially jeopardizing one of the biggest markets for the premium seafood.

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