China strikes back in trade dispute: The government in Beijing has announced to increase the duties on American products worth $ 60 billion. The increase to 1. June in force. Depending on the product, customs duties of ten, 20, or 25 percent. There are a total of 5140 products were affected.
The "adjustment" was a "response to the US unilateralism and trade protectionism", the authorities in Beijing. China hope that the United States returned in the sense of mutual respect for bilateral economic cooperation. US President, Donald Trump had warned the government in Beijing before counter-measures.
In the night of Friday, had raised the United States punitive tariffs on Chinese imports to the value of 200 billion dollars from ten to 25 percent. Trump also announced that he wanted to extend the tariff rate of 25 percent on all Chinese imports. However, he was slowed at this point of his economic Advisor Larry Kudlow. This said, the could possibly be in two, possibly three months so far.
The US government had justified the increase of tariffs that China had not kept to already-made Commitments from the negotiations. Trump is China to blame for the escalation: It was on the verge of a "great" deal, then China had withdrawn, but he wrote on Twitter. The conversations continued after the increase in the punitive tariffs on Friday, ended but it was in vain. Dates for further talks, there is not Kudlow, so far, the Chinese Delegation had invited the trade representative Robert Lighthizer and Minister of Finance Steven Mnuchin to Beijing.
Trump: "We are exactly where we are with China
According to Trumps representations to be"running for the United States in trade dispute with China according to Plan. "We are exactly where we are with China want to be," he wrote on Sunday on Twitter. Trump reiterated his views, previous buyers of Chinese products in the United States could manufacture these, ideally from within themselves or from providers in other countries to buy, which are not subject to punitive tariffs.
The U.S. President has claimed in the past few weeks, in addition, a number of times that the money flows out of China and directly to the American state would benefit. His economic adviser, Kudlow admitted, however, that both the Chinese and the Americans would suffer from an increase in the duties on Chinese Goods. "Both sides will pay." China will make economic losses, not paying the customs duties, but by a smaller Export, said Kudlow.
The two largest economic powers in the world put on since July of 2018, with each other's duties, the brakes on the global economy. Trump are two things especially to be a thorn in the eye: He regarded it as unfair that China produces far more Goods in the United States than U.S. firms, conversely in the people's Republic of export. And the United States is calling for better market access, as well as more protection against product piracy, industrial espionage, and forced a partial transfer of technology for operating in China are foreign companies.