March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest U.S. announcement. The USTR is reviewing 10% tariffs on a further $200 billion in Chinese imports, and is even considering raising the rate to 25%.
Nearly 300 Chinese goods face USA import taxes of 25 per cent from August 23, including tractors, motorcycles and semiconductors.
The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". Since then, Washington and Beijing have raised the stakes by threatening more punitive trade measures in an intensifying dispute that has rattled financial markets anxious about the impact on investment and growth. But it was 11 percent higher than in the same month past year.
At the same time, Beijing reported a $28.1bn trade surplus with the United States in July, just below the record $28.9bn seen in June.
China's announcement is a direct response to new duties on Chinese goods imported into the United States, announced Tuesday in Washington.
"With each successive round of tariffs, Trump continues to back China into a corner, forcing Beijing to respond in kind", said James Zimmerman, a partner in the Beijing office of global law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China.
But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against USA tariffs.
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The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President.
Front page commentary published across all state newspapers by the official Xinhua news agency said: "Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around".
"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said.
China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from USA companies.
China said it is targeting 333 products, including crude oil, coal, diesel, cars, bicycles, medical equipment, steel products, scrap metals and waste paper, as well as fish meal.
His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.
John Neuffer, president of the Semiconductor Industry Association, said: "We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's..."