U.S. to impose 25% tariff on US$50 bil. worth of Chinese goods
- 6 years ago
Trade tensions between the world's two economic powerhouses are bubbling to the surface yet again.
If you cast your mind back a couple of months,... you'll remember those planned U.S. tariffs on 50 billion dollars' worth of imports from China.
Well, they haven't gone away,... at least not totally.
Responding to the move,... China says it's surprised,... but not *THAT surprised.
Lee Seung-jae reports.
After a second round of talks in Washington earlier this month,... the U.S. and China issued a joint statement vowing not to launch a trade war against each other,... as Beijing agreed to "significantly increase" its purchases of American goods and services to reduce its massive trade deficit with the U.S.
The statement seemed to draw a line under the prolonged trade spat between the two economic powerhouses,... but it seems the two are edging toward a new rift.
This after the U.S. decided on Tuesday that it will impose a hefty 25-percent tariff on 50-billion dollars' worth of Chinese goods containing "industrially significant" technology.
The White House says the final list of covered imports will be announced by June 15th,... and the tariffs will be imposed shortly thereafter.
They added the products included on the list are related to the "Made in China 2025" program,... a 2015 initiative promoting China's information technology, robotics, aerospace, marine, rail, auto, power, agriculture and bio-medical industries.
Responding to the White House statement,... a representative for China's Ministry of Commerce said they were surprised,... but at the same time, it was "somewhat expected".
The official added the move is against the consensus reached by the two sides in Washington and he stressed China would defend its domestic economy if the U.S. pushes ahead with the plan.
The trade tensions began with President Trump imposing tariffs on steel and aluminum imports into the U.S.,... with China striking back with additional tariffs on 128 U.S. products.
How the global economy reacts remains to be seen, but analysts say the U.S. move bound to erode the sense of good will that was gradually rising between Washington and Beijing.
Lee Seung-jae, Arirang News.
If you cast your mind back a couple of months,... you'll remember those planned U.S. tariffs on 50 billion dollars' worth of imports from China.
Well, they haven't gone away,... at least not totally.
Responding to the move,... China says it's surprised,... but not *THAT surprised.
Lee Seung-jae reports.
After a second round of talks in Washington earlier this month,... the U.S. and China issued a joint statement vowing not to launch a trade war against each other,... as Beijing agreed to "significantly increase" its purchases of American goods and services to reduce its massive trade deficit with the U.S.
The statement seemed to draw a line under the prolonged trade spat between the two economic powerhouses,... but it seems the two are edging toward a new rift.
This after the U.S. decided on Tuesday that it will impose a hefty 25-percent tariff on 50-billion dollars' worth of Chinese goods containing "industrially significant" technology.
The White House says the final list of covered imports will be announced by June 15th,... and the tariffs will be imposed shortly thereafter.
They added the products included on the list are related to the "Made in China 2025" program,... a 2015 initiative promoting China's information technology, robotics, aerospace, marine, rail, auto, power, agriculture and bio-medical industries.
Responding to the White House statement,... a representative for China's Ministry of Commerce said they were surprised,... but at the same time, it was "somewhat expected".
The official added the move is against the consensus reached by the two sides in Washington and he stressed China would defend its domestic economy if the U.S. pushes ahead with the plan.
The trade tensions began with President Trump imposing tariffs on steel and aluminum imports into the U.S.,... with China striking back with additional tariffs on 128 U.S. products.
How the global economy reacts remains to be seen, but analysts say the U.S. move bound to erode the sense of good will that was gradually rising between Washington and Beijing.
Lee Seung-jae, Arirang News.