China now decides to impose additional tariffs on 50 bln USD of U.S. imports

Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duties of 25 percent on 659 items of U.S. products worth about 50 billion U.S. dollars, reported Xinhua.

Additional tariffs for 545 items worth about 34 billion U.S. dollars, including agricultural products, vehicles and aquatic products, will be effective from July 6, 2018, according to a statement of the commission, the Chinese news agency reported.

US President Donald Trump on Friday said his country will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies.

"In light of China’s theft of intellectual property and technology and its other unfair trade practices, the United States will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies," Trump was quoted saying in a statement issued by the White House.

" This includes goods related to China’s Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries.  The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices," he said.

Speaking further, he said: "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs.  In addition, they will serve as an initial step toward bringing balance to the trade relationship between the United States and China."

He said: "The United States will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on United States goods, services, or agricultural products; raising non-tariff barriers; or taking punitive actions against American exporters or American companies operating in China."

Meanwhile,  U.S. Secretary of State Mike Pompeo, who is currently in China, met country's President Xi Jinping at the Great Hall of the People in Beijing on Thursday.

Working together, China and the United States can make big things happen to the benefit of both countries and the whole world, Xi said. He called on the two sides to implement the consensus reached by him and U.S. President Donald Trump during their meeting in Beijing, strengthen communication, enhance mutual trust, properly handle differences, and expand cooperation so as to ensure bilateral ties will go forward along the right track to benefit the two peoples and the world, reported Xinhua news agency.

China is always committed to developing cooperative relations with the United States featuring mutual respect, equality, mutual benefit and win-win results, Xi was quoted as saying during the meeting.

As per Xinhua report,  Xi expressed his hope that the United States will handle sensitive issues, including the Taiwan issue and economic and trade frictions, in a prudent way to avoid serious obstruction to bilateral ties.

Meanwhile, Pompeo called the meeting with the Chinese leader as 'productive'.

" Productive meeting with President Xi, Politburo Member Yang, and Foreign Minister Wang. Talked about #DPRK, trade, South China Sea, and a range of other issues. We are committed to a constructive, results-oriented relationship with #China," he tweeted.

"Thanks to President Xi for hosting me. U.S. and #China are firmly committed to the complete denuclearization of the Korean Peninsula, and facilitating a lasting and stable peace in the region," he said.