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Trump announces tariffs on $US50 billion worth of Chinese goods

Gorkha Post

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WASHINGTON — US President Donald Trump has announced hefty tariffs on $US50 billion of Chinese import as Beijing responded in kind, escalating a trade dispute between the world’s two largest economies.

“In light of China’s theft of intellectual property and technology and its other unfair trade practices, the United States will implement a 25 per cent tariff on $US50 billion of goods from China that contain industrially significant technologies,” Trump said in a statement.

Trump, whose hard-line stance on trade has seen him wrangle with allies, said in a statement that a 25 per cent tariff would be imposed on a list of strategically important imports from China.

“This includes goods related to China’s Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries,” Trump said.

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The US Trade Representative’s (USTR) office said the tariffs would begin on July 6, and be implemented in two tranches.

About $US34 billion ($45 billion) worth of imports on a tranche of 818 product categories — excluding television sets and other consumer products — would the first to fall under the new rules.

A second tranche of tariffs on 284 product categories worth $US16 billion would go into effect at a later date after a public comment period.

Trump also vowed further measures if Beijing struck back, but denied there was a trade war after announcing the tariffs.

“The United States will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on United States goods, services, or agricultural products; raising non-tariff barriers or taking punitive actions against American exporters or American companies operating in China,” Trump said.

Agencies

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Russian rocket fails in the mid air, crew lands safely

Thompson Reuters

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COSMODROME—Booster rocket carrying a Soyuz spacecraft with a Russian and US astronaut on board headed for the International Space Station failed in mid-air on Thursday, forcing the crew to make an emergency landing.

U.S. astronaut Nick Hague and Russian cosmonaut Alexei Ovchinin landed safely without any harm.

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Russian Deputy Prime Minister Yuri Borisov, quoted by Interfax, said the problem occurred when the first and second stages of the booster rocket were in the process of separating.

The rocket was launched from the Soviet-era cosmodrome in Baikonur, Kazakhstan. A Reuters reporter who observed the launch from around 1 km away said that it had gone smoothly in its initial stage.

“Search and rescue teams are in the air and heading towards the expected touchdown location for the Soyuz spacecraft returning to Earth carrying two crew members,” NASA said in a statement.

 

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