China retaliates to USA with tariffs and Plastics on the list

Randolph Lopez
April 8, 2018

The Dow sustained a 574 point drop (down 2.3 percent), while the Nasdaq dipped 161 points (down 2.3 percent).

Here's what you need to know about tariffs, including why Trump is issuing the taxes against China and if the ongoing escalation over tariffs could lead to a trade war.

Congressman Don Bacon accused China of stealing the intellectual property and trade secrets of United States companies, while dumping cheap products into the American market for too long. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair.

If the US follows through, that would mean $153 billion in Chinese imports would be subject to tariffs. "We represent 6 percent of the imports but account for 51 percent of the tariffs". Gao said comments from US officials about ongoing talks about trade issues were incorrect.

But Beijing says it will counterattack with reciprocal strength.

China's media, which is strictly controlled by the government, has come out in defence of the country, painting it as a victim of a too aggressive United States bent on taking illegitimate unilateral action.

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Before the latest announcement, USA lawmakers had reacted with mounting concern on Thursday over the threat to the American agricultural sector from the trade confrontation with China.

This was two days after the US released a list of 1,300 products it proposed hitting with tariffs, totaling about $50 billion in trade.

"China created this problem, and the president is trying to put pressure on them to fix this, and take back some of the bad actions that they've had in the last several decades", said White House press secretary Sarah Huckabee Sanders during the daily briefing Friday.

China said it was not afraid of a trade war, even though it did not seek one, and accused the United States of provoking the conflict.

Speaking to the Financial Times, professor of worldwide strategy, Chu Shulong, said the dispute wouldn't necessarily escalate into a trade war: "This is a strategy, not the start of a trade war".

USA stocks also were affected this past Monday by Trump's new verbal attack on giant online retailer Amazon.

Other reports by GlobalViralNews

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