China hits back in trade war with U.S.
- 5 years ago
中 '보복 관세' 맞불...미중 무역전쟁 재점화
Trade tensions between the U.S. and China are escalating further, with Beijing announcing it's raising tariffs on tens of billions of dollars worth of American imports.
Kim Hyesung reports.
Beijing struck back Monday, saying it will raise tariffs on 60 billion U.S. dollars of American imports.
The announcement came just two days after President Trump raised tariffs from 10 to 25 percent on 200 billion dollars of Chinese goods last Friday while U.S. and Chinese negotiators were discussing a trade deal in Washington.
"The attempt to exert extreme pressure can only trigger legitimate countermeasures. The measures China takes are not only to safeguard our rightful interests, but also to preserve the basic rules of the multilateral trading system."
More than 5-thousand U.S. goods ranging from liquified natural gas to beef and vegetables will be subject to additional tariffs of 5 to 25 percent starting June 1st.
Tensions between the world's two largest economies are rising despite their ongoing talks.
The U.S. Trade Representative is set to hold a public hearing next month to look into imposing tariffs on all remaining imports from China, worth 300 billion dollars.
But at a White House event late Monday local time, President Trump signaled that a deal is possible, after saying he will be meeting with Chinese President Xi Jin-ping at the G20 summit next month.
"We'll let you know in about three or four weeks whether or not it was successful. You never really know, right? But I have a feeling it is going to be very successful."
Three or four weeks, because it's still more than two weeks before the Chinese tariffs take effect.
Trump’s new 25 percent rate affects only products sent to the U.S. on or after May 10th, leaving a two-to-four-week gap from the time most goods leave China to when they arrive at an American port... giving boths sides time to try to reach a deal before the latest round of higher tariffs kicks in.
Since last year, the U.S. and China have exchanged tariffs on over 360 billion U.S. dollars worth of goods.
Several sticking points remain, ranging from U.S. demands for intellectual property protection to structural reform in China also, Beijing's refusal to specify some of the changes made to its laws.
Kim Hyesung, Arirang News.
Trade tensions between the U.S. and China are escalating further, with Beijing announcing it's raising tariffs on tens of billions of dollars worth of American imports.
Kim Hyesung reports.
Beijing struck back Monday, saying it will raise tariffs on 60 billion U.S. dollars of American imports.
The announcement came just two days after President Trump raised tariffs from 10 to 25 percent on 200 billion dollars of Chinese goods last Friday while U.S. and Chinese negotiators were discussing a trade deal in Washington.
"The attempt to exert extreme pressure can only trigger legitimate countermeasures. The measures China takes are not only to safeguard our rightful interests, but also to preserve the basic rules of the multilateral trading system."
More than 5-thousand U.S. goods ranging from liquified natural gas to beef and vegetables will be subject to additional tariffs of 5 to 25 percent starting June 1st.
Tensions between the world's two largest economies are rising despite their ongoing talks.
The U.S. Trade Representative is set to hold a public hearing next month to look into imposing tariffs on all remaining imports from China, worth 300 billion dollars.
But at a White House event late Monday local time, President Trump signaled that a deal is possible, after saying he will be meeting with Chinese President Xi Jin-ping at the G20 summit next month.
"We'll let you know in about three or four weeks whether or not it was successful. You never really know, right? But I have a feeling it is going to be very successful."
Three or four weeks, because it's still more than two weeks before the Chinese tariffs take effect.
Trump’s new 25 percent rate affects only products sent to the U.S. on or after May 10th, leaving a two-to-four-week gap from the time most goods leave China to when they arrive at an American port... giving boths sides time to try to reach a deal before the latest round of higher tariffs kicks in.
Since last year, the U.S. and China have exchanged tariffs on over 360 billion U.S. dollars worth of goods.
Several sticking points remain, ranging from U.S. demands for intellectual property protection to structural reform in China also, Beijing's refusal to specify some of the changes made to its laws.
Kim Hyesung, Arirang News.