What happens to 'Made in China 2025' as trade war fears grow

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China's commerce ministry warned that a 15 percent tariff on 120 goods worth nearly $1b- including fresh fruit, nuts and wine - would be imposed if the U.S. fails to reach a "trade compensation agreement" within an unspecified timeframe.

China has so far issued a measured response to Trump's first move with $3 billion in tariffs of its own on products including wine, fruit and pork.

- The Trump administration's move to impose tariffs on countries like China undermines the rules-based system of global commerce that the United States itself helped create after World War II, experts and trading partners say.

China released Friday a list of potential tariffs on $3 billion worth of United States goods, from pork to fruits and wine, that it could impose in response to new U.S. trade duties. Agricultural communities across the USA fear escalating trade tensions will increase prices of US goods overseas and harm their business.

"We have one particular problem", the US President said before signing the order that will impose tariffs on hundreds of Chinese products, from shoes and clothing to consumer electronics. A probe was launched a year ago under Section 301 of the 1974 US Trade Act.

Yevtukhov told Rossia-24 TV on March 23 that the new tariffs of 25 percent on USA steel imports will cause about $2 billion in losses for Russian steel exporters, while the 10 percent tariffs on US aluminum imports will cause $1 billion in losses for Russian aluminum producers.

This story has been sourced from a third party syndicated feed, agencies. He noted Beijing began a probe of USA sorghum in February after Trump announced the steel and aluminum tariffs. The WTO has repeatedly drawn the ire of the administration but it could provide a resolution that avoids a trade war.

Washington reports a trade deficit with China of $375 billion.


The ministry said it will seek public consultation on the proposals before they are implemented.

"Many countries are calling to negotiate better trade deals because they don't want to have to pay the steel and aluminum tariffs", Trump said.

"We are interested in creating some motivation for China to actually take concrete actions to further open their markets to USA exports", the official said on condition of anonymity, adding that the two sides are constantly talking. Fears of a trade war have sent jitters through global markets.

In addition to the tariffs, the USA also plans to impose new investment restrictions, take action against China at the World Trade Organisation while the Treasury Department also will propose additional measures. But in a sign that he will still turn to the WTO when it suits his interests, Trump had his government file a complaint through the organization to try to stop China from allegedly stealing technology from US companies that operate there.

Trump is planning to impose the tariffs for what he says is misappropriation of US intellectual property. The administration said the suspensions can be renewed or revoked then, "pending discussions of satisfactory long-term alternative means to address the threatened impairment to US national security".

During their conversation, Mnuchin briefed the Chinese side on the latest development of Section 301 investigation report released by the US side.

The U.S. steel and aluminum tariffs also have irked Japan, America's closest ally in Asia.

China's top economic official, Premier Li Keqiang, appealed to Washington on Tuesday to "act rationally" and said, "we don't want to see a trade war".

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