China will immediately retaliate against any move by the U.S.to impose punishing tariffs on tens of billions of dollars of Chinese goods, the foreign ministry said Friday. "The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices", he said.
"China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer said.
The announcement confirms a threat first made by President Donald Trump in March and follows months of trade talks between the two sides. Another 280 or so still need to undergo a public comment period, and will take effect later.
The US Trade Representative posted the full list [PDF], which includes a number of products used for computing and telecoms products, including semiconductor manufacturing and printing tools, and individually shielded optical wireless cables.
About 500 goods initially targeted for sanctions in March were stricken from the list at the behest of U.S. firms that rely on imports.
Washington has also completed a second list of possible tariffs on another US$100 billion of Chinese goods, in the expectation that China will respond to the initial U.S. tariff list in kind, sources said.
Thanks to India, Afghanistan passes tough cricket Test
In recent years, cricket has become yet another area building goodwill and cementing ties between Afghanistan and India . They expect us to perform well because recently Afghanistan performed really well in the T20s and ODIs.
The State Council said another 114 items will be subject to tariffs at a later date, the news agency said.
"All the economic and trade achievements previously reached by the two parties will no longer be valid at the same time", CNBC reported Beijing as having said.
"It is deeply regrettable that in disregard of the consensus between the two sides, the US has demonstrated flip-flops and ignited a trade war", the ministry said.
"We call on all countries to take joint actions, resolutely put an end to this outdated and regressive behavior and firmly defend the common interests of humankind", the Chinese government wrote in the statement. But U.S. industries that have held their own in the global economy also stand to take a hit.
The US imported more than USD$2.7 billion (NZD$3.8 billion) in Chinese seafood a year ago, and the US exported more than USD$1.3 billion (NZD$1.8 billion) to China.
For context, China exported about $505 billion in goods to the U.S.in 2017, so this hits about 10 percent of goods that come here from China.
But Trump's China trade offensive is only one side of his multi-front confrontation with all major USA economic partners.
Earlier, trade expert Stephen Jacobi told NBR that while New Zealand has few exports in the areas targetted by Mr Trump for tariffs (our steel and aluminium exports to the USA a year ago totalled $60m), there could be a substantial indirect cost. Trump targeted Chinese industrial and agricultural machinery, aerospace parts and communications technology.
Trump Calls for Russia's Reinstatement to G-7
They should let Russian Federation come back in because we should have Russian Federation at the negotiating table". Under Trump, the USA has sanctioned several Russians close to President Vladimir Putin and his circle.
Royal visit to NZ confirmed
Trooping the Colour was one of Meghan's first public outings with the entire royal family and she looked every bit the part. Jacinda Ardern says nothing is confirmed, but Prince Harry and Meghan Markle are welcome to visit "at their leisure".
Eid today in most Gulf states, Indonesia
The month is spent fasting from sunrise to sunset, which is one of the Five Pillars of Islam and is mandatory for most adults. Earlier, the Pakistan Meteorological Department, had said that it was unlikely the Shawwal moon will be sighted on Thursday.
Chuck Schumer Rips Trump Amid Reported ZTE Deal
The company paid $892 million in fines, with an additional $300 million suspended to encourage compliance with the settlement. Citing "sources familiar with the matter", Reuters disclosed Tuesday that ZTE could soon be allowed to buy the US products.
Giants will be well-represented at Belmont Stakes
Still, Kent Desormeaux's tentative ride on Big Brown - the jockey pulled up the uninjured horse in the stretch - was baffling. All Spring I was entralled with a horse who had run once or twice in his life, but had shown remarkable talent on the track.
The Mission E Has a Real Name
With the lack of charging infrastructure, the chances of the Taycan coming to India anytime soon are nearly non-existent. The Mission E concept generates almost 600bhp via a lithium-ion battery and two electric motors, one on each axle.
Trump Got Trade Right at the G-7: All Tariffs Must Go
Trudeau fires back on May 31 over the tariffs being applied on the premise Canada poses a national security threat to the U.S. Trudeau's office, in turn, said what the Canadian leader said on Saturday was nothing new .