22 February 2020

Trump vows retaliation as China escalates trade war

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President Trump has pledged to retaliate after China announced plans to impose a 10% tariff on $75bn worth of goods imported from the US. reports citing BC.

The new taxes were themselves a response to Mr Trump's plans for a 10% levy on $300bn of Chinese imports.

Wall Street share markets dived after the president tweeted that he would respond to the new tax later on Friday.

He insisted that US firms find an alternative to China and return production to America.

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies home and making your products in the USA," he tweeted. "I will be responding to China's tariffs this afternoon."

China's new tariffs will range between 5% and 10% and will apply to more than 5,000 goods coming from the US.

Agricultural goods, crude oil and small aircraft are among the products being targeted.

Beijing will also revive a 25% tariff on US car imports that it lifted earlier in 2019 in a goodwill gesture as the two countries tried to negotiate a trade agreement.

Carmakers responded, warning that the tax would put US jobs at risk. "When these tariffs were initially imposed by China in 2017, American exports of finished vehicles dropped by 50%," said John Bozzella, who represents car manufacturers. "We can't let that happen to American workers again."

2019.08.23 / 22:34
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