In Trump’s “easy to win trade war” script, US farmers will suffer from China’s initial response.
US farmers are in the crosshairs of China’s Trade Retaliations. Penalties range from 25% on American pork and eight other kinds of goods to 15% on fruit and 120 types of commodities.
The Chinese Finance Ministry said in a statement dated Sunday that the previously announced tariffs on the imports of American goods would take effect Monday.
Penalties range from 25% on American pork and eight other kinds of goods to 15% on fruit and 120 types of commodities, the ministry said.
The Finance Ministry renewed China’s criticisms of the Trump administration’s 25% tariffs on steel and 10% tariffs on aluminum under Section 232 of the Trade Act as violating global trading rules.
At the same time, the ministry suggested that Beijing’s response is designed to be limited and doesn’t seek to escalate tensions.
This week, the Trump administration is expected to release a list of potentially targeted products for China’s alleged intellectual-property violations. Senior administration officials have said they are looking at 1,300 different product categories, including such high-tech areas as semiconductors, communications and aerospace.
This was widely expected and announce some time ago, but enforcement starts Monday. If Trump announces more tariffs, China is sure to respond harder.
It’s ridiculous to call this “winning”.