ZeroHedge
Update: China immediately vows to retaliate to the trade war:
At 8am EDT on Friday, as previewed extensively the the US formally announced the list of Chinese products to be hit with tariffs.
In the first official shot in the US-Chinese trade wars, the US will implement 25% tariff on $50BN in Chinese imports, representing 1,102 product lines with the list of imported goods among those listed on China’s 2025 plan.
The tariffs will be implemented in two tiers, the first one on July 6, and will cover $34BN in imports, and a second wave, which will cover the remaining $16BN, or 284 product lines, and will undergo further review in a public notice and comment process, including a hearing.
Today's official escalation followed the disclosure in April of a preliminary list targeting about 1,300 products worth $50 billion in Chinese imports, and which was subject to public comment.
Having warned earlier in the week that he would confront China “very strongly” over trade in the coming weeks, Trump this morning said in a statement that the “The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices."
Read more
- CHINA SAYS DOESN'T WANT TRADE WAR, BUT WILL HAVE TO RETALIATE
- CHINA TO IMMEDIATELY TAKE MEASURES OF SAME SCALE AGAINST U.S.
- CHINA COMMERCE MINISTRY SAYS THE MEASURES HARM INTERESTS ON BOTH SIDES
* * *
At 8am EDT on Friday, as previewed extensively the the US formally announced the list of Chinese products to be hit with tariffs.
In the first official shot in the US-Chinese trade wars, the US will implement 25% tariff on $50BN in Chinese imports, representing 1,102 product lines with the list of imported goods among those listed on China’s 2025 plan.
The tariffs will be implemented in two tiers, the first one on July 6, and will cover $34BN in imports, and a second wave, which will cover the remaining $16BN, or 284 product lines, and will undergo further review in a public notice and comment process, including a hearing.
Today's official escalation followed the disclosure in April of a preliminary list targeting about 1,300 products worth $50 billion in Chinese imports, and which was subject to public comment.
Having warned earlier in the week that he would confront China “very strongly” over trade in the coming weeks, Trump this morning said in a statement that the “The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices."
Read more
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