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Trump calls for reciprocity and reveals US$ 60bn tariffs in China imports

Trump calls for reciprocity and reveals US$ 60bn tariffs in China imports

The Nikkei in Tokyo was down nearly 4% at 4am GMT while in Australia, which exports more iron ore to China than any other country, the ASX200 benchmark index was off 2%.

The embassy's statement was issued moments after markets closed on Wall Street but investors had already taken Trump's move as a bad omen, with the benchmark Dow Jones Industrial Average falling more than 700 points amid fears of a tit-for-tat trade confrontation. All major indexes in Asia also fell on Friday.

US, S Korea 'reach deal in principle'South Korea and the United States have reached an understanding on revising their free trade agreement (FTA) and on steel tariffs, Seoul's trade minister said on March 25.

Trump has long blamed unfair Chinese trade practices for the ballooning trade deficit with China, which reached a record $375 billion (pdf) previous year.

The commerce ministry toughened its rhetoric in response, saying the U.S. "disregards China's efforts to strengthen the protection of intellectual property rights, ignoring WTO rules, and disregarding the voices of the broad masses of the industry". A final list of products will be announced sometime later.

That list will include aerospace, information and communication technology, and machinery, according to a USTR fact sheet.

Trump signaled the tariffs would affect "about $60 billion" of Chinese imports, but administration officials said the figure would be closer to $50 billion.

It comes after President Trump made a decision to hit Chinese products with tariffs of USD60 billion over intellectual property theft accusations.

"China does not want to fight a trade war, but it is absolutely not afraid of a trade war", the commerce ministry said.

In its decision past year, the Commerce Department accused Australian and Brazilian producers of dumping product on the United States market and unfairly benefiting from subsidies. But now many worry about economic blowback from his combative approach.

China could hit back hard at Donald Trump's new tariffs by targeting agricultural goods and other products from states that voted for the U.S. president.

More news: White House probes loans of $655 million to Kushner's family firm

The move on Thursday is seen as a direct shot in a brewing trade war between the world's two biggest economies.

New tariffs on imports inevitably impose higher costs on companies, which may pass them on to consumers. That would be a lunatic growth-killing plan even if China didn't retaliate. Banks and insurers bore the brunt of Thursday's selloff.

The U.S. trade representative's office said it would submit a list of potential targets in 15 days. Czachor said his company may not be ready to compete with foreign entities importing the finished product into the U.S.

Asked if China would retaliate to U.S. tariffs by hitting USA sales of soybeans and Boeing aircraft to China, Hua said China's trade department handled the issue.

China is unlikely to respond until Washington acts but might launch an investigation of imports of US corn and soybeans "as a warning shot", said Parker. They're not going to change their attitude on these things.

"We're poking the bear if you will", said University of Minnesota grain market economist Ed Usset.

"I don't think local governments in the United States and President Trump hope to see USA workers losing their jobs", Sun Yongcai, general manager at Chinese railway firm CRRS Corp, which has two U.S. production plants, said.

"I view them as a friend", he added.

"This is the first of many [trade actions]", Trump said Thursday. -China trade relations, China has historically enacted higher tariffs on US imports than vice versa.

The new measures focused on China are separate from the steep tariffs on steel and aluminum imports that Trump ordered earlier this month.


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