BEIJING – China’s newly appointed economic czar told U.S. Treasury Secretary Steven Mnuchin on Saturday that Beijing is preparing to defend its interests after President Donald Trump announced offers to slap tariffs on nearly $50 billion in Chinese imports.
Vice Premier Liu He told Mnuchin inside a telephone call that your order Trump signed Thursday violates international trade rules, China’s official Xinhua News Agency reported.
The White House says the planned tariffs are directed at punishing Beijing for allegedly stealing American technology and pressuring U.S. companies to give it over.
Xinhua cited Liu as on the grounds that China is “ready and perfect for defending its national interest and hopes both sides will always be rational.”
China said Friday that this planned to make tariffs on the $3 billion directory of U.S. goods, including pork, apples and steel pipes as a result on the steel and aluminum duties earlier announced by Trump.
The Chinese move were advice shot geared towards increasing domestic U.S. pressure on Trump through clear which exporters, including farm areas that voted for the president in 2016, might be hurt.
On Friday, American farmers from hog producers in Iowa to apple growers in Washington state and winemakers in California expressed deep disappointment over being put in the middle of a potential trade war with China via the president a lot of them helped elect.
China’s Commerce Ministry said Beijing was considering a tariff increase of Twenty-five percent on pork and aluminum scrap, mirroring Trump’s Twenty-five percent charge on steel. A 2nd number of goods, including wine, apples, ethanol and chrome steel pipe, could be charged 15 %, mirroring Trump’s tariff hike on aluminum.
Overall, the country’s farmers shipped nearly $20 billion goods to China in 2017. The American pork industry sent $1.1 billion in products, making China no. 3 sell for U.S. pork.
“No one wins with these tit-for-tat trade disputes, least of all the so-called farmers as well as the consumers,” said National Pork Producers Council President Jim Heimerl, a pig farmer from Johnstown, Ohio.
The U.S. has complained for many years about China’s sharp-elbowed trading practices, accusing it of pirating trade secrets, manipulating its currency, forcing foreign companies at hand over technology, and flooding world markets with cheap steel and aluminum that lower prices and hang up U.S. manufacturers bankrupt.
The spiraling trade dispute relating to the world’s two largest economies has spurred concerns among companies and investors that global commerce could possibly be depressed.
This story corrects Liu He’s title.
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