Tit-for-tat in trade: China hits U.S. with $3 billion in tariffs
On Monday, Beijing imposed $3 billion worth of tariffs on 128 U.S. products, mostly targeting agricultural products.
This is retaliation after Donald Trump announced that he would impose tariffs on metal imports from China, and later, at least $50 billion worth of tariffs on Chinese goods, focused on tech products, following an investigation into complaints from U.S. companies that China was stealing intellectual property.
The U.S. currently has a $375 billion trade deficit with China. The huge trade imbalance became a selling pitch for Trump on the campaign trail.
“We can’t continue to allow China to rape our country. And that’s what they’re doing,” Trump said in May in 2016.
However, experts said that the tariffs won’t happen immediately and that both countries are taking measures behind the scenes to prevent a trade war
“China doesn’t want to get into a trade war with anyone. However, if someone forced us into the battle, we will neither be frightened nor run away,” said Hua Chunying, Deputy Director of the Foreign Ministry Information Department in China.
