The U.S. administration continued with their decision of imposing tariffs on China’s tech and industrial goods for around $50 bln, as China denounced the move today and said it would retaliate.
Some time before that the U.S. presented a detailed list of about 1,300 products from China that new tariffs of 25% could apply to, this is a vast array of goods from LEDs to machine spare parts.
The action’s purpose is to make China tackle the issue of U.S. intellectual property theft and forced migration of technology from American companies to local ones that Washington says China is guilty of, which is denied by Beijing.
China is going to respond similarly in intensity and scale in relation to U.S. products, the country’s Commerce Ministry said, while Zhang Xiangchen, China’s ambassador to WTO, called on member-states to counteract U.S. protectionism together with his country.
As of now it is not clear what goods China will set tariffs on, but among most probable targets experts point to U.S. aircraft and machinery. Today the threat of escalation of the trade war pressured markets, although Chinese shares advanced due to expectations of softening after talks.