Trump planning 25% tariffs on up to $50 billion of Chinese goods

Trump will impose tariffs on $50 billion of Chinese goods, prepared to retaliate if needed

He added: "Our hope is that it doesn't lead to a rash reaction from China".

After a spiralling trade dispute with President Donald Trump, China has announced its decision to hike the import duties on electric cars and a list of other goods accounting for $34 billion, which come from the United States of America. The move has stoked business fears of a sustained trade war that could raise prices on American consumers, while heartening some lawmakers who have long called for a tougher stance against Beijing.

"Any tariff or tax put in place will have a significant impact, not only to the USA soybean market but to Iowa's, because we're such a large producer", Hart said. Friday's actions are only aimed at China.

Grower and industry groups are asking the U.S. Congress to convince the administration to halt tariffs and go back to the negotiating table.

A lot, but not a lot.

If tariffs are imposed on the full amount in the second list, that would bring the total goods sanctioned to $50 billion. The website said that the items would be taxed at 25 percent. The US imported $505 billion of goods from China past year and exported about $130 billion, leaving a 2017 deficit of $376 billion, according to government figures.

How will US consumers and businesses be affected?

After months of negotiations, China and the USA are on the brink of an all-out trade war.

President Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago state in Palm Beach, Florida. The first package of revised USA tariffs is scheduled to kick in on July 6 and will apply to 818 Chinese product lines, with another 284 product lines to follow at a later date.

The Trump administration has identified multiple ways Beijing steals USA technology and undermines us access to the Chinese market, which are the basis for the new tariffs.

Tariffs the Trump administration plans to impose on Chinese goods will rebound on USA chipmakers, says the Semiconductor Industry Association (SIA).

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The U.S. will implement a 25-percent tariff on goods worth $50 billion from China that "contain industrially significant technologies", according to a statement by the White House.

"Made in China 2025" is an important economic initiative undertaken by the Chinese government to promote the development of key industries, particularly in the tech sector, over the next seven years.

The immediate impact of tariffs on USA growth is expected to be relatively small, but economists warn a prolonged trade war could damage business investment and consumer confidence. "It is also about values, governance and geopolitical disagreements", she said.

Unsurprisingly, China was not happy about the tariffs, the BBC reported.

Trump has long vowed to fulfil his campaign pledge to clamp down on what he considers unfair Chinese trading practices. But the administration has made clear that these tariffs are meant to ultimately pressure China into some type of agreement, so they might not be permanent.

"China is systematically stealing the fruits of American innovation in an attempt to displace us as the most powerful economy and military in the world", he said.

The Trump administration was yesterday also due to release a finalized list of Chinese goods that would face the tariffs.

What else should I be watching out for?

China has said that they would impose steep tariffs on American soybean and automotive exports, which would effect Trump-dominant states the most.

Ten days later, the White House abruptly said it would proceed with the tariffs.

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