• Trade tariffs: Chinese media in Trump 'fools build walls' jibe

    19 Jun 2018 | Economic News


Chinese media have mocked US President Donald Trump over plans to impose 25% tariffs on $50bn worth of Chinese goods, saying "wise men build bridges but fools build walls".

Mr Trump announced the tariffs on Friday, accusing Beijing of intellectual copyright theft.

China retaliated, saying it would impose an additional 25% tariff on 659 US goods worth $50bn.

Stock markets fell after the announcements amid fear of a trade war.

The US had earlier warned that it will impose even more tariffs should China retaliate.

Mr Trump said the tariffs were "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs."

The Chinese product lines that have been hit range from aircraft tyres to turbines and commercial dishwashers.

The media response came as China announced tariffs on $34bn of US goods including agricultural products, cars and marine products which will also take effect from 6 July.

Tariffs on other US goods will be announced at a later date, Xinhua said.

US tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July.

The White House said it would consult on tariffs on the other $16bn of products, and would apply these later.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

However, many economists and businesses in the US say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on China for parts or assembly.

Reference: BBC

Read More: https://www.bbc.com/news/world-asia-china-44505448

MTS Gold Co., Ltd.
40,42,44, Sapsin Road, Wang Burapha Phirom Sub-district, Pranakorn District, Bangkok, 10200
Tel. 0 2770 7777 Fax. 0 2623 9366 E-mail: support@mtsgoldgroup.com