China has hit back at the decision of Donald Trump, the President of the United States of America, to impose tariffs on $50bn (£37bn) worth of goods from the country by responding in kind as the tit-for-tat trade war instensifies.
Yesterday, the US president revealed the 25 percent tariffs that were designed to combat what he says is the theft of China of the intellectual property of America. The United States says that it wants to stop the transfer of its designs and products over to Chinese firms.
The finance ministry of China said that it would respond with tariffs that are “of the same scale and strength.” The own 25 percent tariffs of China would cover 659 products from the United States such as cars, seafood, and soybeans.
The value of the said goods has matched that of the United States at $50bn, however, the list of affected products was six times larger as compared to the one that was floated last April.
On announcing the tariffs yesterday, Trump stated: “In light of China’s theft of intellectual property and technology and its other unfair trade practices, the US will implement a 25 per cent tariff on $50bn of goods from China that contain industrially significant technologies.”
He added: “The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices.”