The President of the United States, Donald Trump, has said in a tweet that The US is not in a trade war with china, after Beijing announced tariff hikes on 50 billion dollars worth of U.S. products.
According to NAN, Beijing’s announcement followed Washington’s publishing of a list of 50 billion dollars worth of Chinese imports that could be subject to punitive tariffs.
“We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent people, who represented the U.S.,”
“Now, we have a trade deficit of 500 billion dollars a year, with Intellectual Property Theft of another 300 billion dollars. We cannot let this continue!” Trump tweeted.
Trump administration’s plan to slap tariffs on 50 billion dollars in Chinese goods, instigated China’s retaliation with a list of similar duties on key U.S. imports including soybeans, planes, cars, whiskey and chemicals.
Beijing has announced 25 percent increase on 1106 US goods with a trade value matching the 50 billion dollars targeted on Washington’s list, China’s commerce and finance ministries said.
Beijing’s announcement instigated a ripple in global stock markets and commodities, with U.S. stock futures sliding 1.5 per cent, soybean futures plunging 3.7 per cent and the dollar briefly extending early losses.
The United State had earlier give a comprehensive list of 1300 Chinese industrial, transport and medical goods that could be subject to 25 per cent duties.
Geng Shuang, Chinese Foreign Ministry Spokesman, said that China was ready to put and end to the trade conflict between China and the United States through negotiation.
“But the best opportunities for resolving the issues through dialogue and negotiations have been repeatedly missed by the U.S. side,” he told a regular briefing on Wednesday.
“We regret that soybeans are on the list. We have done everything to prevent this from happening, but we are still calling for a resolution,” said Zhang Xiaoping, China Director of the U.S. Soybean Export Council said.
Washington’s move, broadly flagged in March, is aimed at forcing Beijing to address what Washington says is deeply entrenched theft of U.S. intellectual property and forced technology transfer from U.S. companies to Chinese competitors, charges Chinese officials deny.