China vows fast response to U.S. tariffs

China vows fast response to U.S. tariffs

She said a trade war would lead to "losers on both sides" and could have a "serious" impact.

The clothing and footwear industry was largely spared as the Trump administration slapped tariffs on $50 billion in Chinese imports, but a looming trade war could still do damage to an apparel sector that's more global than ever.

The moves brought the world's two largest economies to the verge of an all-out confrontation long feared by markets and industry.

Following the decision, Congresswoman Rosa DeLauro said tariffs must be seen as one tool among many the USA could use to hold bad actors like China accountable and bring the Chinese government to the table to secure a more favourable balance of trade.

President Donald Trump speaks during a graduation and commissioning ceremony at the U.S. Naval Academy on May 25, 2018, in Annapolis, Maryland. After the Trump administration's steep tariffs on aluminum and steel, China hit the imports of sorghum from the US with a 178.6 percent tariff.

The statement said an investigation had found that "China's acts, policies and practices related to technology transfer, intellectual property, and innovation are unreasonable and discriminatory, and burden USA commerce".

In April, it said it would levy 25 per cent tariffs on imports of 106 U.S. products, including soybeans, automobiles, chemicals and aircraft, in response to proposed American duties. USTR said Customs and Border Protection would begin collecting the additional duties on July 6.

China's Ministry of Commerce said the decision to impose tariffs meant "all previously agreed trade negotiation results are no longer valid".

"If the United States takes unilateral, protectionist measures, harming China's interests, we will quickly react and take necessary steps to resolutely protect our fair, legitimate rights", Chinese Foreign Ministry spokesman Geng Shuang told a regular daily news briefing.

The possibility of retaliatory tariffs have been particularly worrisome to farmers and parts of President Donald Trump's rural base.

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He said that if China retaliated, the United States would authorize another round of tariffs on Chinese goods.

In addition, Beijing has announced plans to cut import duties on autos and some consumer goods and to ease limits on foreign ownership in auto manufacturing, insurance and some other industries, though those don't directly address USA complaints.

Trump's approval to impose tariffs on Chinese exports followed a 90-minute meeting he had with Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer yesterday.

President Trump announced Friday that the United States will implement a 25% tariff on $50 billion of goods, and if China retaliates, the US will strike back with more tariffs.

It also called on other countries to "take collective action" against the United States move, calling it "outdated and backwards behaviour". Economists expect the direct impact on the United States economy to be modest.

China warned Thursday against proceeding with the tariffs.

China drew up a list of $50 billion in U.S. products that would face retaliatory tariffs, including beef and soybeans - a shot at Trump supporters in rural America.

The US and China have held three rounds of high-level talks since early last month, but have failed to reach a compromise.

The administration is targeting an additional 284 Chinese products, which it says benefit from Beijing's strong-armed industrial policies, worth $16 billion a year.

Spain is already suffering at the hands of U.S. tariffs, with its olive industry particularly impacted.

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