China threatens tariffs on United States lobsters as business booms

Alicia Cross
June 17, 2018

The Trump administration announced a 25 percent tariff on up to $50 billion worth of Chinese imports on Friday, instantly escalating a trade dispute between the world's two largest economies.

"While the USA semiconductor industry shares the Trump administration's concerns about China's forced technology transfer and intellectual property practices, the proposed imposition of tariffs on semiconductors from China, most of which are actually researched, designed, and manufactured in the U.S., is counterproductive", the group said in a statement. At the daily briefing here, Chinese Foreign Ministry spokesman Geng Shuang said, "If the USA side adopts unilateralism and protectionism and damages China's interests, we will respond in the first instance and take necessary measures to firmly safeguard our legitimate rights and interests".

China's Commerce Ministry fired back in a statement, "The United States has kept changing its mind and now launched a trade war".

China opposed this move saying, "The US move violates the relevant rules of the World Trade Organization, goes against the consensus already reached in bilateral economic and trade consultations, seriously infringes upon the legitimate rights and interests of the Chinese side and undermines the interests of China and its people".

The China trade offensive is only one side of Trump's multi-front battle with all major U.S. economic partners. For this, many experts agree China is a bad player.

Beijing's tariffs on USA goods will start on July 6 - the same day as Trump's announced restrictions - and will apply to agricultural products as well as cars. In May, Chinese officials had promised to buy more American farm goods, natural gas and other products to narrow China's large trade surplus with the United States.

Early this year in April US President Donald Trump has tweeted, "When a vehicle is sent to the United States from China, there is a Tariff to be paid of 2 1/2 per cent". The administration is asking for input on an additional $16 billion in products that it wants to slap tariffs on also.

U.S. Customs and Border Protection will begin to collect tariffs on the first $34 billion worth of Chinese imports on July 6.

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The U.S. imports a LOT more Chinese goods than the Chinese import in regards to American goods and its easy to see above.

Trump outraged Canadian, Mexican and European leaders last month by imposing the steel and aluminum tariffs to protect American producers from allegedly unfair competition.

USA soybean futures plunged 1.5 percent to a one-year low on concerns that an escalating trade fight with China will threaten shipments to the biggest buyer of the oilseed, traders said.

"Our take is that a trade war would bring four negatives - somewhat higher inflation; growing anxiety in the USA farm belt; uncertainty that could complicate long-term corporate planning; and a growing estrangement of the US on the global stage".

China has retaliated against the tariffs in two stages, calibrated with the steps being taken by the US. But the measures could also lead to higher prices and job losses in some industries.

That raises the specter of an intensifying trade war, which would hurt consumers, companies and the global economy. It has also been suggested that Trump's advances against China will do little to slow the country's quick growth in advanced products.

The back and forth set off a wave of worry among trade experts, economists, and investors.

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