China's tariff hikes: Here are the U.S. products getting hit

Pic Reuters

That means China's latest move is likely to be met with a tit-for-tat reply from Washington, which will then likely be met by even more tariffs from Beijing.

China exported $505 billion in goods to the USA, and US companies exported $135 billion in goods to China in 2017. The Trump administration has not indicated which goods specifically can be expected to be hit with tariffs, but Chinese machinery, aerospace, and technology industries can expect to see tariffs. Those fears temporarily depressed financial markets, though stocks have recovered some of their losses.

In its statement, the White House accused Beijing of "distorting global markets".

The Trump administration indicated that China's efforts to subsidize steel and aluminum production was what hurt US steel manufacturing.

"Instead of targeting fairly traded United States exports, China needs to stop its unfair trading practices which are harming U.S. national security and distorting global markets". "It's very measured, and with no intention to escalate tension".

What is this fight about?

Spanish pork, Chilean wine, and Australian nuts could replace American products in one of the world's largest and fastest-growing economies.

The levies are in response to the aluminium and steel tariffs that have also angered USA allies from Europe to Canada and Australia.

Washington has accused China of intellectual property theft and unfair technology licensing rules. If worldwide companies want to operate in China they must hand over their intellectual property for the privilege, thus delivering the likes of German high-speed rail technology into the hands of Chinese engineers. Naturally others say China has been getting away with this for years and tough measures were needed in order to force change.

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China imposed significant tariffs on more than 100 imported American products on Sunday. In a general sense, tariffs tend to hurt producers of exported goods as well as, domestic consumers. Many other foreign leaders have agreed that China unfairly subsidizes its businesses and has at times devalued its currency to boost exports, but most have favored a multi-national approach to apply pressure on Beijing.

China's ministry of commerce said it would be "suspending tariff concessions" on 128 USA food products.

Dursun Topcu, deputy chairman of the Istanbul institution with 415,000 members, said Turkey and China should take the "maximum benefit" out of the Silk Road by expanding cooperation on new areas through joint investment projects in third countries.

It added that China and the United States should resolve issues through negotiation and dialogue.

China's government said earlier its imports of those goods a year ago totaled $3 billion.

The Asian country also implemented a 25% levy on pork meat and aluminium, of which it purchased $2bn-worth previous year.

OH farmers are pushing back against the Trump administration after China made good on promises to respond to recent US tariffs with tariffs of its own. "Both sides should use dialogue and consultation to resolve their mutual concerns".

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