China strikes Trump with 34% price on American imports

Friday, Hong Kong China announced a rate of 34% on all products imported from the United States, degenerating the trade war between the two biggest economies in the world.

This decision occurred two days after President Donald Trump imposed the same price on all Chinese imports as part of what he called reciprocal rates on a long list of American business partners.

Combined with 20% in other samples that Trump has imposed on Chinese products since its return in January, the total American rate on certain Chinese products is at least 54%.

Announcing the new prices on Wednesday during a White House event, Trump distinguished China as one of the nations that treats us badly. The United States has a higher trade deficit with China than with any other country, reaching 295.4 billion dollars last year.

China, one of the largest trade partners in the United States, urged the Trump administration to immediately cancel the prices and resolve commercial disputes through consultations in a way of equality, respect and reciprocity.

The last American rate does not comply with the rules of international trade, seriously harms the legitimate rights and interests of Chinas, and is a typical act of unilateral intimidation, the Chinese finance ministry said on Friday in a statement. It damages not only American interests but also endangers global economic development and the stability of supply chains.

The Chinese price on American products will take effect next Thursday, said the ministry. The new American price on Chinese products comes into force on Wednesday.

China has also targeted the American agriculture sector, announcing an immediate suspension of the import of chicken products of three American companies, and the import of C&D sorghum (USA) Inc., citing health problems.

The Chinese Ministry of Commerce said it had filed a complaint to the World Trade Organization on the 34% price that Trump announced on Wednesday.

China has always been a faithful defender of the international economic and commercial order and a fervent supporter of the multilateral trading system, said a ministry spokesman. We urge the United States to immediately correct its erroneous practices and cancel unilateral tariff measures.

The ministry added 11 American companies to its unreliable list of entities, prohibiting them from importing or exporting to China, and 16 companies to its export control list.

In addition, the Ministry of Commerce has announced an anti-dumping survey on medical X-ray tubes imported from the United States and India and new export controls on rare earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium from Friday.

US stock contracts and European markets have greatly dropped from Beijing's announcement. The news came Friday evening to China when the markets were closed for a holiday.

The 34% Chinese price was much higher than expected, said Tianchen Xu, a principal Chinese economist at The Economist Intelligence Unit, a financial forecast service.

China had been relatively limited in its response to the previous Trumps prices, keeping its reprisals limited to 10% to 15% and targeted only on certain goods.

We do not see such restraint this time, said Xu, which is based in Beijing.

This reflects changes in Chinas tactics, he probably wants to force Trump in negotiations, he said.

XU said that China could be willing to make concessions in exchange for pricing discounts, such as approval of the sale of American Tiktoks operations by its Chinese owner to avoid an American ban, whose deadline is on Saturday.

The previous responses from Chinas to American prices had also included surveys, new export controls and the inclusion of more American companies on the list of unreliable entities.

Non -charitable measures such as restrictions on the export of rare minerals, which are key components in everything, from electronics to defense systems, can have a significant impact, Xu said.

In the extreme case, the United States will lose access to all critical minerals produced in China, and it will find it difficult to find replacements, he added.

The United States imported $ 438.9 billion in Chinese goods last year, according to the office of the American commercial representative, and exported $ 143.5 billion to goods.

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