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International News

Jun 16, 2018
9:32AM

Tariff war between US, China escalates as both countries announce fresh duties against each other

US President Donald Trump has slapped a stiff 25 per cent tariff on USD 50 billion worth of Chinese goods.

The president accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world's two largest economies.

In a statement, Trump said, trade between the two countries has been very unfair for a very long time adding that this situation is no longer sustainable. Trump warned China of more tariffs if Beijing retaliated on the announcement.

Reacting to Trump's latest announcement, China said it has imposed equal tariffs on US products.

Trump's decision to impose fresh tariffs on China follows his recent imposition of steep tariffs on steel and aluminum imports from Canada, Mexico and the European Union on national security grounds.

The EU and Canada have said they will enact retaliatory tariffs starting in July. Mexico has already retaliated with its own tariffs on US goods.

A set of retaliatory tariffs released by China includes a plan to tax American lobster exports, potentially jeopardizing one of the biggest markets for the premium seafood. 

Chinese officials announced on Friday the planned lobster tariff along with hundreds of other tariffs amid the country's escalating trade fight with the United States.

China said it wants to place new duties on items such as farm products, autos and seafood starting on July 6.

The announcement could have major ramifications for the US seafood industry and for the economy of the state of Maine, which is home to most of the country's lobster fishery.

China's interest in US lobster has grown exponentially in recent years, and selling to China has become a major focus of the lobster industry.

The announcement came in response to President Donald Trump's own increase in tariffs on Chinese imports in America.

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