Schumer: I Think What Trump Is Doing on China 'Is Right'


Chinese products that are subject to new tariffs include a range of industrial goods, including construction machinery, raw materials, agricultural equipment, and consumer items including electronics and medical devices, according to the US Trade Representative's (USTR) office.

Soybeans are a key U.S. export to China, an economic tie that makes the back-and-forth between the United States and China a source of anxiety throughout the American farm belt.

The tariffs will also be applied to autos and aquatic products, the ministry said.

The release of goods lists also comes after jockeying by American companies dependent on certain imports who sought exemptions for certain goods - a process that is due to continue with the second, $16 billion tranche of Chinese imports. That includes a tentative deal to increase Chinese purchases of U.S. energy and agricultural goods.

A $50 billion list of possible USA trade targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef. Among the affected $16 billion in US goods include crude oil, natural gas, coal and some refined oil products.

US President Donald Trump yesterday announced 25 percent tariffs targeting US$50 billion of Chinese imports, making good on a pledge to punish the alleged theft of US intellectual property.

The 25% tariffs come into effect July 6th and will cover roughly $34 billion worth of imports composed of a list of vetted goods that were announced in April and reviewed in May. Although Pompeo was in Beijing to debrief the Chinese on the Singapore summit, the trade friction was never far from the surface.

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Such a move, it said, "seriously infringes upon the legitimate rights and interests of the Chinese side and undermines the interests of China and its people". "They steal our intellectual property using cyber theft", Schumer said.

U.S. Trade Representative Robert Lighthizer described the tariffs Friday as a "defensive" action. If the U.S. hits China with tariffs, China will immediately retaliate with tariffs, said a Chinese official.

"These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs", he said.

"We deeply regret that the United States has disregarded the consensus it has formed and is fickle, provoking a trade war", the Chinese statement said.

The announcement led major American allies to promise their own trade measures to answer the American import taxes.

In response, the Chinese government have promised to retaliate with similar tariffs.

The US imported $505bn of goods from China past year and exported about $130bn, a deficit of $376bn in China's favour.