China threatens tariffs on US lobsters as business booms

April FrancisJun 19, 2018

The White House has announced a 25-percent tariff on $50 billion worth of Chinese goods in what it calls a clampdown on unfair trade practices by Beijing. The Trump-led tariffs apply to almost 1,100 Chinese exports ranging from automobile and manufacturing hardware to aerospace and robotics.

The government went on: "In this day and age, launching a trade war is not in the interest of the world".

The tariffs will come in two steps, beginning with duties on 545 USA products worth $34 billion that will be focused on farm goods, cars and seafood, Xinhua said.

The tariffs will also be applied to autos and aquatic products, the ministry said.

Trump's announcement capped months of sometimes fraught shuttle diplomacy between Washington and Beijing, in which Chinese offers failed to assuage Trump's grievances over the soaring US-China trade imbalance.

In April, U.S. President Donald Trump asked American trade officials to present him with a list of $50 billion worth of Chinese goods that Washington could tax under Section 301 of the U.S. Trade Act of 1974. When a auto is sent to China from the United States, there is a Tariff to be paid of 25 per cent.

The new US tariffs will go into effect on July 6.

In a statement, he said: "The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices". Meanwhile, the other US$16 billion worth of Chinese products will undergo further review in a public notice and comment process.

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Cohen had sought to delay the legal fight after his home and office were raided by the Federal Bureau of Investigation in April. Attorney's Office in the Southern District of NY said that one of the devices contained approximately 315 megabytes of data.

While Trump has sought to impose tariffs on goods that could complicate China's attempts to become a leader in the tech space, the Middle Kingdom has been pressuring parts of the USA president's voter base-namely, the farming community.

President Donald Trump is hailing his "very big tariffs" on China.

USA tariffs placed on soybeans could cost farmers in Iowa up to $624 million, the Des Moines Register warned readers Saturday.

"We deeply regret that the United States has disregarded the consensus it has formed and is fickle, provoking a trade war", the Chinese statement said.

The administration is also working on proposed Chinese investment restrictions by June 30.

While ripped by lawmakers on both sides of the aisle of levying steel and aluminum tariffs on Canada and Mexico, Senate Minority Leader Chuck Schumer (D-N.Y.) praised President Trump's new tariff decision on Chinese imports "on the money". The president jettisoned a free trade agreement with Pacific Rim nations previous year, and has threatened to tear up the North American Free Trade Agreement with Canada and Mexico.

The government will start to collect the tariffs July 6.

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