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China is not given to the US aggressor: The US trade war from today is for $ 100 billion, but that's just the beginning
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From Thursday afternoon, the United States will impose 25% import duties on an additional $ 16 billion for Chinese products, with a total of more than 1,000 positions worth about $ 50 billion in trade per year.
The Chinese government, in turn, has introduced 25-duty customs duties on US $ 16 billion worth of US goods imports in response to Washington's mirroring operations, world news agencies reported by referring to China's Central Television.
According to the communiqué, the new Chinese import tariffs from the US will come into force at 12:01 local time (7:01 am Bulgarian time). Earlier, Beijing's trade ministry voiced a protest in connection with the introduction of the second US embargo package and assured China of responding with the necessary response.
China reaches an eye to eye, dollar-dollar to hundreds of US goods, bringing the total value of the goods concerned to $ 100 billion - one-seventh of the total annual trade between the US and China, according to AFP.
Target Chinese goods for export
The Trump administration argues that the aggressive stance is directed at Beijing's pressure to change policies that allow and promote the theft of US technology and unfairly undermine US manufacturers.
Tariffs are targeted at Chinese goods - such as aircraft parts and computer hard drives - of which, according to Washington, Beijing has benefited from unfair commercial practices. China accused the United States of having started the "biggest trade war in economic history."
Computers, electronics and machines are among the most affected, including $ 1.1 billion in imports of computer processors and the same amount of electrical machines.
The next bigger sacrifice is $ 700 million in integrated circuits, $ 500 million in solar cells, and $ 400 million in computer memory. Motorcycles, Milking Machines Also in the criminal list are milking cows, chicken incubators, flight recorders, X-ray tubes, bulldozers and arc lamps as well as motorcycles and mopeds.
Ghostly products
While the first five products from China are targeted for a total of about $ 9 billion, there are dozens of products that have seen no imports - or very small quantities - over the past two years. Spacecraft, helicopters, microwave tubes, nuclear reactor parts, telescopes, locomotives and reclaimed tires are among the goods subject to customs duties but are unlikely to be affected by them in practice.
The US is feeling the pain
Ironically, the goods to which the United States has directed its revenge are mainly intermediary products produced in China by multinational companies imported from US-based manufacturers and not affecting Chinese firms, according to economists.
Economists from the Peterson Institute of International Economics claim that almost all US duties imposed on China so far are for intermediate goods and basic equipment needed by American industry.
China strikes back
So far, China has avenged a dollar for a dollar that hit agricultural commodities and cars in July, with new US oil taxes and more cars coming on Thursday. The US soybean duty is most painful, as it hinders a key export market for US farmers who last year sent to China $ 14 billion of this product.
China has pledged to attack 650 different US export positions, including hybrid electric and off-road cars, dump trucks, asphalt, magnetic resonance imaging machines and motorcycles. The list also includes beef, pork, many kinds of fish and dozens of fruits and nuts.
Harley Davidson's iconic price will rise by at least 20%, says a store representative in Beijing.
There will be more
$ 50 billion of goods subject to customs duties are just the first round. The US Sales Representative's office is looking for 25% duty on goods for another $ 200 billion, with hearings being held this week. These measures may enter into force as early as the following month.
And since China has promised to continue to respond, Trump threatens to take the goods for the $ 500 billion dollars imported from the United States.
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