The administration of Donald Trump is set to impose a tariff of 25 percent on Chinese goods of about fifty billion dollars. This is a decision that was brought about by quick and strong criticism from the nation of China as the trade conflicts between two of the largest economies in the world increased to a significant issue. On Friday, in a statement from the President of the United States, Donald Trump stated that these particular measures will be affecting the goods from the nation of China which contain industrially significant technologies. The US president added that this action comes from considering the fact of theft of intellectual property & technology and numerous other trade practices that are unfair by the nation of China.
Trump also noted that the White House could be imposing some additional tariffs if the Chinese nation reciprocates with duties of its own on the crops of the United States or its other products. At this point of time, the commerce ministry of the nation of China was very quick in responding to the statement given by the US president, Donald Trump. The commerce ministry of China stated that they would be immediately introducing measures of taxation of the same scale and strength. They also said that all economic and trade achievements that were previously reached by both of the parties will no longer remain valid at the same time. This is per the statement released by Beijing.
The Trade Representative of the United States stated that the nation will be imposing a set of tariffs on about 818 items which are worth about 34 billion dollars on the 6th of July 2018. There will be separate measures which will be affecting about 284 products, with a total worth of which is about 16 billion dollars could be taking effect after a review and public comment process. On Friday, the action actually marks the latest move by the US President for cracking down on what he deems as unfair trade practices by major trading partners. He is already in a conflicting situation which resulted in the escalation of the trade conflict with Canada, Mexico and the European Union. Those entities basically were of the viewpoint that this is not correct and cried foul and counterattacked at the time when Donald Trump imposed the steel and aluminium tariffs on them.