Trump is planning to impose the tariffs for what he says is misappropriation of US intellectual property.
Interviewed on a Taiwan radio talk show Friday morning, Easton said that past USA policies were wrong, and that the administration of President Donald Trump was reacting to China's aggressiveness, not to seek conflict, but to maintain the status quo, as well as an equilibrium in relations.
China says it can impose tariffs, too. The only question is, do we continue to ignore China's cheating or do we finally act decisively to stop it? "We look forward to the U.S. and China being able to negotiate a satisfactory arrangement that suits both sides".
The planned sanctions include tariffs on $48 billion worth of Chinese imports as well as restrictions on Chinese investments.
It would be a major blow to United States farmers, as a third of their soybean exports go to China, in a business worth $14 billion previous year. The entire situation is one that is anything new to American technology companies or the US government itself.
National Association of Manufacturers (NAM) President and CEO Jay Timmons released a statement ahead of Trump's announcement.
Forced technology transfer is also a growing concern for us companies, especially tech firms.
A probe was launched previous year under Section 301 of the 1974 US Trade Act.
China on Friday said it was "ready to fight a trade war" and unleashed its own proposal to levy retaliatory taxes on imports of 128 United States products worth $3 billion.The back and forth between the two global economic superpowers saw stock markets take a pounding, especially in the United States and Asia. Timmons says that tariffs will likely create significant costs for manufacturers and American consumers.
Chinese citizens took to social media to register their backing for a resolute response to Mr Trump's package of tariffs. He suggests that the only way to make lasting progress is to "forge a fair, binding and enforceable trade agreement with China that requires them to end these practices once and for all". Trump declared that China was responsible for thousands of lost American jobs and billions in lost revenues. USA exports of fruits, frozen juices and nuts to China amounted to $669 million a year ago, and it was the top supplier of apples, cherries, walnuts and almonds.
But while the US government's move on steel and aluminum weakens the WTO, its complaint against China's technology-poaching suggests it may yet rely on the body when convenient.
Agricultural companies: Seed producers and pig breeders jumped on the mainland as Beijing announced reciprocal tariffs on U.S. imports.
Meantime, China showed readiness to retaliate by declaring plans to levy additional duties on up to $3 billion of US imports including fresh fruit, wine and nuts in response to imports tariffs Trump announced earlier this month on steel and aluminium, which were due to go into effect on Friday.
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IRELAND were left heartbroken as they lost a tense clash against Afghanistan to miss out on the 2019 Cricket World Cup. The ICC cut the World Cup to 10 teams for 2019 with all sides playing each other in a round-robin competition.
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Dow plunges 724 pts amid fears of US-China trade war
Bolton, who served as USA ambassador to the United Nations, was also a Fox News contributor until his appointment last night. It is the market's worst day since February, when Dow suffered its biggest one-day drops ever in successive days.