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US/ChinaBack
[Published: Friday July 06 2018]

 US and China begin $ 34bn trade war 

 
WASHINGTON/BEIJING 6 Jul (ANA) - US tariffs on $ 34bn (£ 25.7bn) of Chinese goods have come into effect, signalling the start of a trade war between the world's two largest economies.
 
The 25% levy came into effect at midnight Washington time.
 
China has retaliated by imposing a similar 25% tariff on 545 US products, also worth a total of $ 34bn.
 
Beijing accused the US of starting the "largest trade war in economic history".
 
"After the US activated its tariff measures against China, China's measures against the US took effect immediately," said Lu Kang, a foreign ministry spokesman.
 
Two companies in Shanghai told the BBC that customs authorities were delaying clearance processes for US imports on Friday.
 
The American tariffs are the result of President Donald Trump's bid to protect US jobs and stop "unfair transfers of American technology and intellectual property to China".
 
The White House said it would consult on tariffs on another $16bn of products, which Mr Trump has suggested could come into effect later this month.
 
The imposition of the tariffs had little impact on Asian stock markets. The Shanghai Composite closed 0.5% higher, but ended the week 3.5% lower - its seventh consecutive week of losses.
 
Tokyo closed 1.1% higher, but Hong Kong fell 0.5% in late trading.
 
Hikaru Sato at Daiwa Securities said markets had already factored in the impact of the first round of tariffs.(ANA)
FA/ANA/6 July 2018-------
 

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