“After the United States introduced the new tariffs, China’s reciprocal measures also immediately took effect,” said the spokesman for the Chinese Foreign Ministry Lu Kang. He did not specify the amount or types of the US goods that will be taxed by China. read more…
Trump threatens China with more than $500bn in US trade tariffs
Another $16 billion are expected to go into effect in two weeks and potentially another $500 billion, Trump told reporters aboard Air Force One on his way to Montana before the tariffs kicked in.
First “34 (billion dollars), and then you have another 16 in two weeks and then as you know we have $200 billion in abeyance and then after the $200 billion we have $300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300,”Trump said, adding “It’s only on China.” read more…
“On July 6, the US began to impose 25 percent tariffs on $34 billion worth of Chinese imports. The US has breached WTO trade rules and launched the largest trade war in economic history to date,” the ministry’s statement read.
The Trump administration’s new 25 percent duties apply to 818 Chinese imports worth $34 billion. They are the first stage in levies threatened by the US on a total of $450 billion worth of Chinese goods.
China warned that while it promised not to “fire the first shot,” it will now be forced to “counterattack” in order to defend its core interests. Beijing has vowed to inform the World Trade Organization and work with other countries to “jointly safeguard free trade and the multilateral system.”
As Beijing geared up to respond to the new tariffs, it warned that the US would be “shooting itself in the foot and hurting the world” if it were to go through with the measure. Reciprocal levies had reportedly been prepared, which were set to take effect on the same day.
Beijing has been actively seeking an EU ally in the mounting trade war, with senior Chinese officials offering European states access to its market if they take Beijing’s side in the row. However, Europe has rejected China’s proposal to team up against the US. read more…
WaPo: North Korea working on ways to conceal nuclear weapons
Asia expert predicts return to ‘fire and fury’ for US-North Korea relations
United States warns china over South China sea as DPRK Delivers letter to Trump