U.S., China kick off new round of tariffs in trade war
- 5 years ago
미중, 추가관세 강행…깊어진 갈등에 '9월 무역협상' 난기류+산업부, 통상환경 대응 점검회의
South Korea's trade ministry has discussed ways to respond to the escalating trade war between the U.S. and China.
Concerns have grown after the world's two biggest economies imposed additional tariffs on each other.
Our Hong Yoo reports.
The U.S. has begun imposing its additional 15-percent tariffs on more than 125-billion U.S. dollars of Chinese imports,... including smart speakers, Bluetooth headphones and footwear.
In return,... China has also begun imposing a 5-percent tariff on U.S. crude oil on Sunday the first time U.S. oil has been targeted since the two countries began their trade war more than a year ago.
Despite the two nations imposing tariffs on each other's goods,... Washington and Beijing will continue their trade talks and will meet in September.
"We are talking to China. The meeting is still on as you know September, that hasn't changed, they haven't changed it, we haven't. We'll see what happens. But we can't allow China to rip us off anymore as a country."
Beijing has pressed Washington to call off the tariff increase,... but said last week that trade talks were still being discussed between the two.
The extra tariffs will further harm Washington-Beijing ties,... already strained by U.S. freedom of navigation exercises near Chinese-occupied islands in the disputed South China Sea, and U.S. support for self-ruled and democratic Taiwan,... which China claims as its own.
The tit-for-tat tariff measures between the world's two economic superpowers is expected to have a minor impact on South Korean exports.
However, the Seoul government is concerned that the escalating trade conflict could trigger a global economic recession and undercut export demand.
In response, the South Korean trade ministry held a meeting to respond to future changes in external trade conditions in a proactive manner.
The ministry added... it will do its best to diversify Korea's export markets and bolster the competitiveness of domestic industries.
Hong Yoo, Arirang News.
South Korea's trade ministry has discussed ways to respond to the escalating trade war between the U.S. and China.
Concerns have grown after the world's two biggest economies imposed additional tariffs on each other.
Our Hong Yoo reports.
The U.S. has begun imposing its additional 15-percent tariffs on more than 125-billion U.S. dollars of Chinese imports,... including smart speakers, Bluetooth headphones and footwear.
In return,... China has also begun imposing a 5-percent tariff on U.S. crude oil on Sunday the first time U.S. oil has been targeted since the two countries began their trade war more than a year ago.
Despite the two nations imposing tariffs on each other's goods,... Washington and Beijing will continue their trade talks and will meet in September.
"We are talking to China. The meeting is still on as you know September, that hasn't changed, they haven't changed it, we haven't. We'll see what happens. But we can't allow China to rip us off anymore as a country."
Beijing has pressed Washington to call off the tariff increase,... but said last week that trade talks were still being discussed between the two.
The extra tariffs will further harm Washington-Beijing ties,... already strained by U.S. freedom of navigation exercises near Chinese-occupied islands in the disputed South China Sea, and U.S. support for self-ruled and democratic Taiwan,... which China claims as its own.
The tit-for-tat tariff measures between the world's two economic superpowers is expected to have a minor impact on South Korean exports.
However, the Seoul government is concerned that the escalating trade conflict could trigger a global economic recession and undercut export demand.
In response, the South Korean trade ministry held a meeting to respond to future changes in external trade conditions in a proactive manner.
The ministry added... it will do its best to diversify Korea's export markets and bolster the competitiveness of domestic industries.
Hong Yoo, Arirang News.