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Title: China's Tariff Response Takes Effect as Trump Ignites Trade War
Source: [None]
URL Source: https://www.msn.com/en-us/money/mar ... war/ar-AAzDxQ8?ocid=spartanntp
Published: Jul 6, 2018
Author: Bloomberg News
Post Date: 2018-07-06 09:38:52 by BTP Holdings
Keywords: None
Views: 6

China's Tariff Response Takes Effect as Trump Ignites Trade War

Bloomberg News 3 hrs ago

How a trade war could turn into a recession

Reports surface of China delaying US imports from entering the country

00:17 01:42

HQ Trump to Move Ahead With China Tariffs

U.S. President Donald Trump fired the biggest shot yet in the global trade war by imposing tariffs on $34 billion of Chinese imports. China retaliated.

Duties on Chinese goods started at 12:01 a.m. Friday in Washington, just after midday in China. Another $16 billion of goods could follow in two weeks, Trump earlier told reporters, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of U.S. goods imports from China in 2017.

U.S. customs officials will begin collecting an additional 25 percent tariff on imports from China of goods ranging from farming plows to semiconductors and airplane parts. China has said it would respond by imposing higher levies on an equivalent amount of goods ranging from American soybeans to automobiles, which may in turn prompt Trump to raise trade barriers even higher.

China’s tariff actions in response took effect at 12:01 p.m. in Beijing, state news agency Xinhua reported, citing an unidentified official from the General Administration of Customs.

“The United States has violated WTO rules and ignited the largest trade war in economic history,” China’s Commerce Ministry said in a earlier statement. “Such tariffs are typical trade bullying, and this action threatens global supply chains and value chains, stalls the global economic recovery, triggers global market turmoil, and will hurt more innocent multinational companies, enterprises and consumers.”

European stocks gained after a rally in Asian shares buoyed sentiment, even as China put in place its response to well-telegraphed U.S. trade tariffs. Havens headed lower.

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Poster Comment:

Tit for tat.

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