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Trump puts 25% tariff on Chinese goods Trump puts 25% tariff on Chinese goods
(about 1 hour later)
US President Donald Trump is to impose 25% tariffs on $50bn worth of Chinese goods, accusing Beijing of intellectual copyright theft.US President Donald Trump is to impose 25% tariffs on $50bn worth of Chinese goods, accusing Beijing of intellectual copyright theft.
Tariffs that affect more than 800 products worth $34bn in annual trade are due to come into effect on 6 July.Tariffs that affect more than 800 products worth $34bn in annual trade are due to come into effect on 6 July.
The White House said it would consult on tariffs on the other $16bn of products, and would apply these later.The White House said it would consult on tariffs on the other $16bn of products, and would apply these later.
If China retaliates, as it has already pledged to do, the US will impose even more tariffs, Mr Trump warned.If China retaliates, as it has already pledged to do, the US will impose even more tariffs, Mr Trump warned.
Mr Trump said the tariffs were "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs."Mr Trump said the tariffs were "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs."
The Chinese product lines that have been hit range from aircraft tyres to turbines and commercial dishwashers.The Chinese product lines that have been hit range from aircraft tyres to turbines and commercial dishwashers.
The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market. China has previously said it would apply new duties to American products that include US aircraft and soybeans.
Earlier on Friday, Chinese foreign ministry spokesman Geng Shuang stressed again that all trade talks between China and the US would be void if Washington imposed trade sanctions: "If the US takes unilateral and protectionist measures that harm Chinese interests, we will respond immediately by taking the necessary decisions to safeguard our legitimate rights and interests."Earlier on Friday, Chinese foreign ministry spokesman Geng Shuang stressed again that all trade talks between China and the US would be void if Washington imposed trade sanctions: "If the US takes unilateral and protectionist measures that harm Chinese interests, we will respond immediately by taking the necessary decisions to safeguard our legitimate rights and interests."
It is not only China that is concerned. Some within US business and industry are not happy with this disagreement, including some of those working in the sectors President Trump says he is protecting. 'Counter-productive'
The International Monetary Fund (IMF) has also warned that the Trump administration's trade policies were likely to hurt the US economy, and undermine the world's trade system. The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.
She said a trade war would lead to "losers on both sides" and could have a "serious" impact. However many economists and businesses in the US say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on parts or assembly in China.
Farmers are also worried about harm caused by retaliation.
Economists estimate that the tariffs will hurt GDP by less than half of a percentage point. But the measures could also lead to higher prices and job losses in some industries.
The Motor and Equipment Manufacturers Association, which represents car parts makers, called the tariffs "taxes that hurt U.S. companies, put jobs at risk, and negatively impact consumers."
The International Monetary Fund (IMF) warned that it is difficult to predict how the measures will affect business and consumer confidence.
IMF Director Christine Lagarde said Thursday that a trade war would lead to "losers on both sides" and could have a "serious" impact.
'Right on target''Right on target'
The tariffs, in motion for months, have met with fierce criticism in the US from affected companies, as well as farmers and others fearful of retaliation. The US announced plans for tariffs this spring, after an investigation into China's intellectual property practice.
The plans have also had a mixed political reaction, winning praise from Democrats and opposition from Republicans, who typically favour free trade policies. It published a draft list of Chinese products slated for tariffs in April. The list released Friday incorporates feedback and criticism received in the ensuing weeks.
The White House said the measures shouldn't hurt consumers, pointing out that items such as televisions that were included on the draft list had been taken off the list.
It will also allow companies to apply for exclusions from the duties.
The plans have elicited a mixed political reaction, drawing praise from Democrats and opposition from Republicans, who typically favour free trade policies.
Senator Chuck Schumer, a leading Democrat, said the president's actions were "on the money"Senator Chuck Schumer, a leading Democrat, said the president's actions were "on the money"
He said: "China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs."He said: "China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs."
"While we await further details on this trade action, President Trump is right on target." Republican Kevin Brady said it was "encouraging" that the administration had revised the initial list but urged the White House to further narrow the items subject to the new import duties.
The White House said the measures shouldn't hurt consumers, pointing out that items such as televisions that were included on a draft list published in April, had been taken off the list.
Republican Kevin Brady said it was "encouraging" that the administration had streamlined the initial list but urged the White House to further narrow the items subject to the new import duties.
He said: "My message has been consistent: we need to hit our target, which is China and its deceptive and harmful trading practices. But I am concerned that these new tariffs will instead hurt American manufacturers, farmers, workers, and consumers."He said: "My message has been consistent: we need to hit our target, which is China and its deceptive and harmful trading practices. But I am concerned that these new tariffs will instead hurt American manufacturers, farmers, workers, and consumers."
The US Chamber of Commerce said the plans were "not the right approach". Analysis: Tariffs, the forgotten people and Trump
By Tara McKelvey, White House reporter
Trump talked about the forgotten people, white working-class folks, at his inauguration.
But the plans to impose tariffs will hurt individuals in the farm belt, an important part of his base. Recently, I visited Missouri, driving past soybean fields, and heard people talk about the way China would retaliate, imposing tariffs on soybeans.
White House aides have warned Trump about implications of his policies. One official told me they'd haul in maps to show him rural states and how they'd be affected.
He'd listen carefully, said the official.
Later, though, he'd move ahead with tariffs and other policies that were upsetting for Missourians and those in the farm belt.