Supply Chain Caught in Crossfire of US-China Trade Conflict

Trump will impose tariffs on $50 billion of Chinese goods, prepared to retaliate if needed

Trump announces 25% tariff on Chinese imports

Just days after the Republican firebrand announced trade restrictions on some of the US's closest allies, including European Union states and Canada, it was confirmed America would impose tariffs of 25 percent on $50billion worth of Chinese goods.

Mr Trump met several cabinet members and trade advisers and is expected to impose tariffs on at least 35 billion to 40 billion dollars (£26 billion to £30 billion) of Chinese imports, according to an industry official and an administration official.

United States consumers concerned that a trade war with China could mean higher prices for smartphones and televisions can breathe a sigh of relief.

In all, 818 products representing $34 billion in USA imports will fall under the new tariffs - less than the roughly 1,300 products the administration had initially considered. The Chinese haven't issued a list but have stated it would be an identical 25% on $50 billion of American exports.

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The threat of a trade war does not look good for worldwide markets, as The Dow Jones fell by almost 200 points on Friday after the new rules were announced.

In a statement Friday morning, the president said the tariffs were necessary to prevent "unfair transfer of American technology and intellectual property to China". An additional 284 Chinese imports, worth $16 billion, also could could face tariffs pending a final decision by the trade office and time to solicit public comment.

A list of almost 1,300 Chinese imports that will receive this new 25% tariff was formulated by officials back in April.

Currently, China and the United States have the world's biggest trading relationship. The wording contrasts with attempts from some USA officials such as Trump trade advisor Peter Navarro to use more toned-down vocabulary-with Navarro characterizing the back-and-forth between the two nations as a "trade dispute" instead. "All economic and trade outcomes of previous talks will now lose effect", Chinese state media Xinhua News Agency quoted the spokesperson on Friday.

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Soybeans are a key USA export to China, an economic tie that makes the back-and-forth between the USA and China a source of anxiety throughout the American farm belt.

Reuters reported that Trump's list of tariffs will contain 800 product categories, down from 1,300 previously.

Earlier this month, Washington introduced 25-percent tariffs on steel imports and 10-percent levies on aluminum imports from the EU, Canada, and Mexico. In May, Chinese officials had promised to buy more American farm goods, natural gas and other products to narrow China's large trade surplus with the United States.

Yichuan Cao/Sipa USA/NewscomThe trade war between Washington and Beijing escalated again today.

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