U.S.-China trade war escalates as Trump administration's new tariffs take effect
Arirang News
2018-09-24
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미국, 중국 수입품 절반에 관세…G2 무역전쟁 '전면전'
Trade tensions are reaching fever pitch between the world's two economic superpowers.
Turning the screw even further on Beijing,... new U.S. tariffs on tens of billions of dollars of Chinese goods took effect on Monday.
Ko Roon-hee reports.
The Trump administration's trade offensive against China has kicked up a gear,... after new 10-percent tariffs on 200-billion U.S. dollars worth of Chinese goods came into effect on Monday.
Combined with the existing 50 billion dollars of tariffs imposed on Beijing,... the move means the United States now has tariffs on roughly half of the goods it imports from China.
The new tariffs will directly affect American consumers as they are applied on more than five-thousand-seven-hundred items,… including daily necessities like food, clothing, furniture, and electronics.
The two sides remain oceans apart on reaching a resolution… as China announced earlier its intent to retaliate on the same day… by imposing five to ten percent duties on 60 billion dollars worth of U.S. goods.
More than five-thousand-two-hundred products will be affected,… ranging from food to liquefied natural gas.
A further escalation is already on the horizon because President Trump has indicated the new 10-percent duties will rise to 25-percent in January 2019.
Moreover, he stated his administration would impose additional tariffs on approximately 267 billion dollars of additional imports if China chooses to retaliate.
Trade negotiations are also breaking down.
According to Reuters, U.S. officials revealed on Friday that no date has been set for further trade negotiations with China.
Also, China recently canceled Vice Premier Liu He's visit to Washington,... during which he was due to talk trade.
This comes as the Chinese government released white paper on Monday to explain its stance on the intensifying trade friction with the U.S.
According to China's state-run Xinhua News Agency, the white paper said the trade relationship between the two countries is significant for the world's economy.
It said some level of trade friction is natural….but stressed that enhancing mutual trust and promoting cooperation is necessary.
Ko Roon-hee, Arirang News.
Trade tensions are reaching fever pitch between the world's two economic superpowers.
Turning the screw even further on Beijing,... new U.S. tariffs on tens of billions of dollars of Chinese goods took effect on Monday.
Ko Roon-hee reports.
The Trump administration's trade offensive against China has kicked up a gear,... after new 10-percent tariffs on 200-billion U.S. dollars worth of Chinese goods came into effect on Monday.
Combined with the existing 50 billion dollars of tariffs imposed on Beijing,... the move means the United States now has tariffs on roughly half of the goods it imports from China.
The new tariffs will directly affect American consumers as they are applied on more than five-thousand-seven-hundred items,… including daily necessities like food, clothing, furniture, and electronics.
The two sides remain oceans apart on reaching a resolution… as China announced earlier its intent to retaliate on the same day… by imposing five to ten percent duties on 60 billion dollars worth of U.S. goods.
More than five-thousand-two-hundred products will be affected,… ranging from food to liquefied natural gas.
A further escalation is already on the horizon because President Trump has indicated the new 10-percent duties will rise to 25-percent in January 2019.
Moreover, he stated his administration would impose additional tariffs on approximately 267 billion dollars of additional imports if China chooses to retaliate.
Trade negotiations are also breaking down.
According to Reuters, U.S. officials revealed on Friday that no date has been set for further trade negotiations with China.
Also, China recently canceled Vice Premier Liu He's visit to Washington,... during which he was due to talk trade.
This comes as the Chinese government released white paper on Monday to explain its stance on the intensifying trade friction with the U.S.
According to China's state-run Xinhua News Agency, the white paper said the trade relationship between the two countries is significant for the world's economy.
It said some level of trade friction is natural….but stressed that enhancing mutual trust and promoting cooperation is necessary.
Ko Roon-hee, Arirang News.
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