China vows to strike back as US puts tariffs on $200bn of goods
US president Donald Trump’s tariff increase to 25 per cent on $200 billion worth of Chinese goods took effect on Friday, and Beijing said it would strike back, ratcheting up tensions as the two sides pursue last-ditch talks to try salvaging a trade deal.
With no action from the Trump administration to reverse the increase as negotiations moved into a second day, US Customs and Border Protection imposed the new 25 per cent duty on affected US-bound cargoes leaving China after 4.01am GMT on Friday. “This creates an unofficial window, potentially lasting a couple of weeks, in which negotiations can continue and generates a ‘soft’ deadline to reach a deal,” investment bank Goldman Sachs wrote in a note.
US stock futures fell and Asian shares pared gains after the US tariff hike, with investors worried that a protracted trade war could hamper global economic growth. The biggest Chinese import sector affected by the rate hike is a $20 billion-plus category of internet modems, routers and other data transmission devices, followed by about $12 billion worth of printed circuit boards used in a vast array of US-made products.
“Our industry supports more than 18 million US jobs - but raising tariffs will be disastrous,” Shapiro said in a statement.
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