Trump slaps tariffs on Chinese imports, sparking fears of global trade war
- 6 years ago
U.S. President Donald Trump has signed a memorandum, paving the way for sweeping tariffs on Chinese goods.
The move has angered Beijing, raising the prospect of a trade war between the world's two economic superpowers.
Ro Aram reports.
President Trump has accused China of what he called years of intellectual property theft and Chinese pressure on American companies to hand knowledge over.
He also reiterated his concerns over the growing trade deficit between the two countries.
"But we have a trade deficit, depending on the way you calculate it, of 504 billion dollars. Now some people would say it's really 375 billion dollars. Many different ways of looking at it but any way you look at it, it is the largest deficit of any country in the history of our world. It's out of control."
He went on to say that the punitive tariffs would benefit the U.S., adding that every trade deal had to be reciprocal.
"And frankly, it's going to make us a much stronger, much richer nation. The word is reciprocal. That's the word I want everyone to remember... If they charge us, we charge them the same thing. That's the way it's got to be. That's not the way its been for many, many years. For decades, it has not been that way."
However, there are parts of the memorandum that are not as threatening as they seem....
The terms include a 60-day consultation period, during which lobbyists and legislators will get a chance to slim down the number of target products, which currently stands at about 13-hundred.
But Trump did say that Thursday's memorandum was the first of many, which further raises the prospect of a global trade war.
In addition to the tariffs, the Trump administration also plans to restrict new Chinese investments in America and take action against China at the World Trade Organization for what it calls unfair trade practices.
This has sparked China to issue a belligerent response.
The Chinese embassy in Washington, vowed to “fight to the end” in any trade war with the United States.
Beijing's Commerce Ministry also announced through a statement Friday that it plans to slap tariffs on three billion dollars-worth of American imports, ranging from steel to pork.
It added that Beijing also plans to take legal action against the U.S. under the World Trade Organization framework.
However, it did say that Beijing is willing to resolve the trade dispute with Washington through dialogue.
Ro Aram, Arirang News.
The move has angered Beijing, raising the prospect of a trade war between the world's two economic superpowers.
Ro Aram reports.
President Trump has accused China of what he called years of intellectual property theft and Chinese pressure on American companies to hand knowledge over.
He also reiterated his concerns over the growing trade deficit between the two countries.
"But we have a trade deficit, depending on the way you calculate it, of 504 billion dollars. Now some people would say it's really 375 billion dollars. Many different ways of looking at it but any way you look at it, it is the largest deficit of any country in the history of our world. It's out of control."
He went on to say that the punitive tariffs would benefit the U.S., adding that every trade deal had to be reciprocal.
"And frankly, it's going to make us a much stronger, much richer nation. The word is reciprocal. That's the word I want everyone to remember... If they charge us, we charge them the same thing. That's the way it's got to be. That's not the way its been for many, many years. For decades, it has not been that way."
However, there are parts of the memorandum that are not as threatening as they seem....
The terms include a 60-day consultation period, during which lobbyists and legislators will get a chance to slim down the number of target products, which currently stands at about 13-hundred.
But Trump did say that Thursday's memorandum was the first of many, which further raises the prospect of a global trade war.
In addition to the tariffs, the Trump administration also plans to restrict new Chinese investments in America and take action against China at the World Trade Organization for what it calls unfair trade practices.
This has sparked China to issue a belligerent response.
The Chinese embassy in Washington, vowed to “fight to the end” in any trade war with the United States.
Beijing's Commerce Ministry also announced through a statement Friday that it plans to slap tariffs on three billion dollars-worth of American imports, ranging from steel to pork.
It added that Beijing also plans to take legal action against the U.S. under the World Trade Organization framework.
However, it did say that Beijing is willing to resolve the trade dispute with Washington through dialogue.
Ro Aram, Arirang News.