[Breitbart] BEIJING (AP) ‐ China on Wednesday issued a $50 billion list of U.S. goods including soybeans and aircraft for possible tariff hikes in an escalating technology dispute with Washington that companies worry could set back the global economic recovery.
The country’s tax agency gave no date for the 25 percent increase to take effect and said that will depend on what President Donald Trump does about U.S. plans to raise duties on a similar amount of Chinese goods.
Beijing’s list of 106 products included the biggest U.S. exports to China, reflecting its intense sensitivity to the dispute over American complaints that it pressures foreign companies to hand over technology.
The clash reflects the tension between Trump’s promises to narrow a U.S. trade deficit with China that stood at $375.2 billion last year and the ruling Communist Party’s development ambitions. Regulators use access to China’s vast market as leverage to press foreign automakers and other companies to help create or improve industries and technology. |