To slap additional 25% tariffs on Chinese cells, modules

Trump approves plan to impose steep tariffs on Chinese goods

Modal Trigger Donald Trump AP

China's government responded quickly to U.S. President Donald Trump's tariff hike on Chinese goods by announcing Friday it will immediately impose penalties of "equal strength" on U.S. products.

And as Mr Trump warned of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods, China unveiled 25 per cent duties on US$50 billion in USA imports.

"It generally focuses on products from industrial sectors that contribute to or benefit from the "Made in China 2025" industrial policy, which include industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials, and automobiles", USTR announced in a statement Friday. Beijing has offered to buy an additional $70 billion worth of U.S. farm and energy products and other goods, according to Reuters' sources, but Trump has remained intransigent.

China's announcement could have major ramifications for the USA seafood industry and for the economy of ME, which is home to most of the country's lobster fishery.

Progress to avert a back-and-forth of new import taxes seemed to be made in late May, after China agreed to cut tariffs on US automobiles, and Trump pledged support for ZTE, a Chinese company affected negatively by USA sanctions, as NPR's Camila Domonoske reported.

"An escalating global trade dispute or widespread rises in import tariffs would have a marked negative impact on Germany's export oriented economy", it said. "We are going to protect those secrets, those are crown jewels for this country".

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"It's foolish on the part of the Trump team", he said.

The 25 percent tariffs will be placed on roughly $50 billion in imports from China.

The State Council is China's cabinet, or government.

Earlier, trade expert Stephen Jacobi told NBR that while New Zealand has few exports in the areas targetted by Mr Trump for tariffs (our steel and aluminium exports to the U.S. a year ago totalled $60m), there could be a substantial indirect cost.

Chicago-based Boeing Co., the world's largest planemaker, on Saturday said it's assessing the effects on its supply chain of Trump's tariffs and China's reciprocal action.

"We are putting the trade war on hold", Mnuchin said at the time, adding that the two countries had agreed on a framework to reduce the trade imbalance.

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Spokesman Geng Shuang said China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests". But if the president follows through on all the duties he's threatened, including the tariffs against China, U.S. inflation could accelerate by 15 basis points, according to Goldman Sachs Group Inc. In April, it said it would levy 25 per cent tariffs on imports of 106 USA products, including soybeans, automobiles, chemicals and aircraft, in response to proposed American duties.

Critics cautioned the president's decision could spark a trade war between Beijing and Washington, but Trump said the war was lost years ago.

The Trump administration was yesterday also due to release a finalized list of Chinese goods that would face the tariffs.

While China has in recent months made incremental market-opening reforms in industries for which critics in the foreign business community say they were already planned, it has shown no inclination to yield on its core industrial policies.

The list of 659 United States goods to face tariffs in China was longer than a preliminary list of 106 goods published by the commerce ministry in April, although the value of products affected remained unchanged at $50 billion.

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