China retaliates with $3B in new tariffs on U.S. imports

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A Twitter post from the "People's Daily", an English-language news organization controlled by the Chinese government, said Sunday that "China imposes tariffs on 128 items of imports from the USA including pork and fruit products starting Monday as a countermeasure in response to a previous US move to slap tariffs on steel and aluminum imports: Ministry of Finance".

Sometime this week, the Trump administration is expected to unveil a list of Chinese goods that could be subjected to new USA tariffs.

A bigger clash now appears to loom over Trump's approval of possible higher duties on almost $50 billion of Chinese goods in a separate argument over technology policy.

"China's suspension of some of its obligations to the United States is its legitimate right as a member of the World Trade Organization", it said. Those worries helped to temporarily depress the financial markets although some losses have been recovered by stocks. Netflix stock also dropped off 5 percent.

Beijing faces complaints by Washington, the European Union and other trading partners that it hampers market access despite its free-trading pledges and is flooding global markets with improperly low-cost steel and aluminum. However, Japan, the European Union and other global governments criticized the unilateral move of Trump as disruptive. Nevertheless, economists expected Beijing would respond to avoid appearing weak in a dispute that is so high-profile.

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Experts say they expect further retaliation from China once the Trump administration reveals more details on which products its planned $50 billion in tariffs will target.

China has challenged the super power United States in a tit for tat action by slapping in levies of 15 to 25 %on 128 products entry into, China.

In a statement from the Chinese Ministry of Finance, the government said the new tariffs "caused serious damage to our interests".

"Our country advocates and supports the multilateral trading system", said the statement. The government of China announced earlier its imports of the goods affected total over $3 billion in 2017.

China advocates and supports a multilateral trade system, the ministry said, noting that to suspend tariff concession on U.S. imports is a just move to safeguard China's interests using WTO rules.

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Beijing has slapped tariffs on 128 American products, worth $3 billion.

Although China said the new tariffs were a reaction to the steel and aluminum tariffs, the not a big importer of Chinese steel or aluminum.

Those are in response to the US tariffs on metal that President Donald Trump announced in March on national security grounds. The agency's "Section 301" investigation authorizing the tariffs alleges China has systematically sought to misappropriate US intellectual property through joint venture requirements, unfair technology licensing rules, purchases of USA technology firms with state funding and outright theft.

U.S. Trade Representative Robert Lighthizer has said that preserving America's technological edge is "the future of the U.S. economy". Trump announced in March that the USA will impose duties on about $50 billion in Chinese goods to punish Beijing for what Washington sees as widespread violations of American intellectual property.

China is showing the United States that it will make good on its trade threats. That list will then be open to a 30-day comment period for businesses. China shipped over 570,000 metric tons of seafood to the United States previous year, worth almost $2.8 billion (€2.3 billion). Washington reports different figures that put the gap at a record $375.2 billion.

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