WEB DESK
The Trump administration has raised the stakes in a growing trade showdown with China, announcing 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices.
The US Trade Representative’s office unveiled a list of mainly non-consumer products representing about 50 billion Dollars of estimated 2018 imports that would nonetheless hit supply chains for many U.S. manufacturers. The list ranges from chemicals to TV sets, motor vehicles and electronic components.
The announcement drew a swift threat of retaliation from the Chinese embassy in Washington.The USTR target list follows China’s imposition of tariffs on 3 billion Dollars worth of US fruits, nuts, pork and wine to protest new US steel and aluminium tariffs imposed last month by US President Donald Trump. The standoff between the world’s two largest economies has sparked market fears that they could spiral into a trade war that could crush global growth.