Trade war looms as China retaliates against U.S. import tariffs

China threatens tariffs on US lobsters as business booms	 	 	 			Two red lobsters in a pot of boiling water

Langley, who's been farming for four years with his father and two uncles, said trade wars have hurt the US economy in the past.

In turn, China's Commerce Ministry issue a quick statement, saying that it would "immediately introduce taxation measures of the same scale and the same strength".

The US' $100 billion list will be subject to the same public comment and hearing process as the $50 billion list, so it could take 60 days or more to put into effect, three sources familiar with the Trump administration's thinking on tariff plans told Reuters.

Trade retaliation from China has so far been mainly confined to the farm sector, a small part of the overall USA economy.

It added, "There is no victor in a trade war, and the US instigation of a trade war is extremely destructive to global trade, economic globalization, multilateral trade systems and global production supply chains".

Trump no longer believes that Beijing's influence over North Korea is a compelling reason to ease up on trade talks now that his administration has opened up a direct line of communication with the nuclear-armed country, the first administration official said.

The U.S. exports about $14 billion worth of soybeans to China, according to the U.S. Department of Agriculture, and Iowa is the nation's second-largest soybean grower, per the Register.

Trump has threatened to hit China with duties on another $50 billion of goods if it retaliates.

If Washington adopts tariffs, Beijing is expected to hit back with its own duties on US imports, including soybeans, cars, chemicals and planes, according to a list it released in early April.


In April, Washington said it will impose 25 percent tariffs on 1,300 Chinese goods that are worth $50 billion. It said a decision would be announced later.

USA and Chinese officials in recent weeks had made progress on a deal that involved up to $70 billion in additional purchases of American products, the Washington Post reported. The administration says it's developing restrictions on Chinese investment and will release proposals on June 30.

Trump did not specifically mention the tariffs and added that he had "a very good relationship with President Xi (Jinping) of China". This includes stepped-up USA "freedom of navigation" maneuvers in the South China Sea, sending United States naval vessels through waters claimed by China, and sales of arms to governments with longstanding conflicts with Beijing. Buhr explained how USA soybeans contain higher amino acid content than competitors' and how that affects the overall quality of the feed. The agreement allows Washington to impose an additional $400 million fine or other penalties if ZTE violates the deal.

Farmers in Minnesota fear that their success in worldwide trade will impale them on the "tip of the spear" as China retaliates against 25 percent tariffs President Donald Trump announced Friday. They say "Made in China 2025" appears to leave them little or no place in those industries.

In a statement, Trump said 25 per cent tariffs will be applied to Chinese goods that "contain industrially significant technologies".

And he warned that any retaliation by Beijing would trigger another round of tariffs on Chinese goods. "They've taken so much".

"There isn't one country who would give up their rights to advance technology and make industrial upgrades", said the Global Times editorial. After receiving public comment, the USA removed 515 product lines from the list, including TVs and some pharmaceuticals, according to a senior administration official who briefed reporters on condition of anonymity.

On Thursday, a Commerce Ministry spokesman said some exporters were rushing to fill orders due to concern trade conditions might change, but said they were "not the mainstream".

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