Schumer praises Trump's decision to slap China with $50 billion in tariffs

A cargo ship carrying containers stops at Qingdao Port

A cargo ship carrying containers stops at Qingdao Port

Mr. Trump on Friday accused China of intellectual property theft and unfair trade practices as he announced the tariff on Chinese goods.

Trump has pledged to enforce fair and reciprocal trading relations with China, with the United States bilateral trade in goods deficit having reached US$375 billion past year, and amid long-running complaints of what foreign companies see as forced technology transfers and market restrictions.

Beijing's move is a tit-for-tat response to the U.S. imposition of a 25 percent tariff on Chinese products announced Friday.

China responded immediately, saying it will impose comparable taxes on U.S. goods, despite threats from Trump that such a move would results in further retaliatory measures.

Fearing that China would turn threats into reality by imposing tariffs on USA agricultural goods, soybean futures settling in July also fell 1% to a near one-year low of $9.17 Friday. The tariff will affect mostly industrial products used by the aerospace, robotics, and information technology industries, according to the Office of the Trade Representative.

Trump's revised tariff list might exclude some consumer items from an earlier proposal to focus more on goods related to Beijing's "Made in China 2025" program, Eurasia Group said in a report.

The list does not include cellular telephones or televisions, which are often purchased by American consumers.

His comments came as a number of Democrats appeared to back Trump's announcement on tariffs, while some Republicans remained skeptical about the issue.

Beijing has drawn up a list of 50 billion dollars (£38 billion) in USA products that would face retaliatory tariffs, including beef and soybeans - a shot at Mr Trump's supporters in rural America.

U.S. customs agents will begin collecting the duties on July 6, the administration said. Another 284 products worth $16 billion were than added to the new list for the total of 1,102 pre-cuts worth about $50 billion.

The second tranche of products will undergo further review.

The prospect of a trade world between the world's two largest economies is back in the spotlight as Donald Trump is expected to say today that he will press ahead with tariffs on $50bn of Chinese imports.

"We have the great brain power in Silicon Valley, and China - and others - steal those secrets", Trump said in an interview with Fox News.

The Trump administration is planning still more trade actions against China, including a set of investment restrictions and export controls that are also aimed at curbing Chinese acquisition of "industrially significant" technology. "In addition, they will serve as an initial step toward bringing balance to the trade relationship between the United States and China". "There's no trade war, they've taken so much", Trump contended in the Fox News interview.

Senate Minority Leader Chuck Schumer (D-N.Y.) praised a decision by President Donald Trump to slap $50 billion in tariffs on Chinese imports.

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