China strikes US imports with an additional retaliation by 50 %

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China will impose an additional 50 percent tariff on American goods in addition to 34 percent that have already been announced, which is a revenge for a tariff against US President Donald Trump in the escalating trade war between the world’s largest economists.

The Office of the Customs tariff committee of the Chinese State Council said that the new definitions will enter into force after midday in Beijing on Thursday and was in response to an additional percentage imposed Washington in China on Wednesday.

The comprehensive definitions, which will take additional fees on all American goods from Thursday to 84 percent, will strike American exports of machines, semi -conductors, agriculture and other goods.

Economists said that the total level of Chinese definitions on American goods will be more than 100 percent, once the fees reach Thursday to take part. A large part of the American farm, energy and other exports were also affected by separate additional definitions imposed earlier.

The State Council of Definitions said: “The practice of the United States of escalating the customs tariff for China is a mistake in the lead, which is seriously violating the legitimate rights and interests of China and seriously destroys the multilateral trading system based on bases.”

China Xi Jinping hard line on Trump’s introductory war The Chinese business and business leaders, who were hoping that the two sides would negotiate to defuse the increasing conflict.

People familiar with the communications between Beijing and Washington said that there were no talks about the solution to the trade war. They said that Beijing had told the Trump administration that it had looked at the American definitions as a form of bullying and that China would not give in pressure.

Unlike other countries in Asia, including Japan, South Korea and Vietnam, China did not contact the Trump administration on negotiations, although on Wednesday noon it released a government white paper she said was ready to communicate with the United States, but it has repeated the need for counter -measures in response to Trump’s definitions.

Meanwhile, Trump Beijing did not approach the conversations.

“It is unfortunate that the Chinese do not want to come and negotiate.”

Pesin said that the Chinese retaliatory step will be “losing to them” because the country will lose more than the United States in a long trade war, especially because of its continuous economic difficulties. He said: “They will move from bad to terrible.”

“The other thing that the Chinese should not do is try to reduce the value of their way out of this,” Pesin warned.

In response to a question about whether the Trump administration will look at the banning of Chinese companies from including their shares on American stock exchanges, Bessin said: “Everything is on the table.”

Some economists have said that there is still hope that Beijing and Washington will be able to retreat and negotiate as soon as the damage caused by the trade war becomes clear.

“They are like two award fighters in the circuit and we are in the first round while they are praising their muscles and each of them still feels a somewhat recovery.” “But it comes in the seventh, eighth or ninth round, both sides will exhaust themselves and I think it will start searching for the ruling.”

On Wednesday, Beijing also added 12 additional American companies to the export monitoring list and six American groups to the list of “unreliable entity”, which limits its ability to continue the sources of goods from China or do business in the country.

The groups added to the black export menu include that Laser Optics Maker American Americanics, Laser, Medical Device Group Novotech and Boeing Done. The companies that were added to the list of unreliable entities were drones and other defense detainees.

Chad Bon, chief economist at the Peterson Institute for International Economy, said that the total duties on Chinese goods will be more than 104 percent presented by Donald Trump since the beginning of his second term because the United States was average tariff of 21 percent before entering the White House in January.

“The average American customs tariff in China will be in a place northern 100 percent. This is a truly high tariff,” Bonn said.

The European Union Chamber of China said in a statement on the US definitions that the United States “was retracting many of the principles that seemed to be close to global trade and investment” and that “China has the opportunity to create a business environment that can provide stability and reliability required by investors.”

The trade war comes in a difficult time for Xi, which was inclined to exports to direct the economy through a local slowdown by the property crisis.