China spells out tariffs it plans on US goods

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On Friday, the United States announced additional tariffs of 25 percent on Chinese imports worth approximately 50 billion U.S. dollars.

Mr Trump's decision on the Chinese tariffs comes in the aftermath of his summit with North Korean leader Kim Jong Un.

The Commerce Ministry said: "China does not want a trade war".

In all, 818 products representing $34 billion in USA imports will fall under the new tariffs - less than the roughly 1,300 products the administration had initially considered.

Its statement also said all trade agreements made between the two countries during recent negotiations would be void due to the new USA tariffs.

"I stressed how important it is for President Trump to rectify that situation so that trade becomes more balanced, more reciprocal and more fair, with the opportunity to have American workers be treated fairly", Mr Pompeo said during a joint news conference with Chinese foreign minister Wang Yi.

The 25 percent tariff will be applied to $50 billion of goods from China that "contain industrially significant technologies", he said. "These practices, documented in an extensive report published by the United States Trade Representative (USTR) on March 22, 2018, harm our economic and national security and deepen our already massive trade imbalance with China".

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President Trump warned that if China retaliates against the USA with new tariffs of its own, the U.S. It is reviewing a list of items that would cover an additional $16 billion worth of Chinese imports.

China previously issued a list of United States products it would hit with 25 percent tariffs in the event of a trade war - from big products like soybeans and beef to more niche items such as bourbon and ginseng - although no timetable was specified.

"The president's actions on China are on the money", Schumer said a statement. Numerous exports are linked to the nation's "Made in China 2025" plan to lead the world in sectors like AI and robotics.

"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 Office of the US Trade Representative said the tariffs will start to be collected on July 6.

"There is no trade war". They included a variety of agricultural products, including soybeans, corn and wheat along with beef, pork and poultry, plus automobiles - targets that may raise prices for Chinese consumers, but may have a tangential effect on manufacturers. The affected nations have appealed to the World Trade Organization (WTO), demanding compensation over what they call a "protectionist measure".

Earlier this month, Washington introduced 25-percent tariffs on steel imports and 10-percent levies on aluminum imports from the EU, Canada, and Mexico.