How Much Could Trump's Multibillion Tariffs Really Cost China?

China vows to fight US sanctions over alleged technology theft

U.S. President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to 60 billion U.S. dollars of imports from China and restrict Chinese investments in the United States, fueling fears that the world's two largest economies could be sliding toward a trade war.

On Thursday, the Trump administration declared the talk approach a failure, noting that the US trade deficit in goods with China a year ago hit a record $375 billion.

According to the ministry, the measures will include a 15-per cent tariff on products including fruits, nuts, wines and seamless steel tubes, and a 25-per cent tariff on pork and recycled aluminium products, reports Xinhua news agency.

"China does not want to fight a trade war, but it is absolutely not afraid of a trade war", the Chinese Ministry of Commerce said.

Meanwhile, The Wall Street Journal today said China is to blame, and not Trump, if there happens to be a trade war between it and the US.

Vice Premier Liu He told Mnuchin in a phone call that the order Trump signed Thursday violates worldwide trade rules, China's official Xinhua News Agency reported.

Hours earlier, Trump signed an order that could result in restrictions on Chinese investment in the United States, saying that it would be the "first of many" trade actions.

Amid concerns that cheap Chinese steel will enter the US from exempted countries, Navarro says those countries must agree to quotas on exports into the U.S. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text.

The White House said that the Trump administration will propose adding 25 percent additional tariffs on certain products including aerospace, information communication technology and machinery for public comment.

"We have a tremendous intellectual property theft problem", Trump said. "We are fully prepared to defend our legitimate interests", the ministry said.

More news: Rights groups slam Trump's ban on transgender military service

To get an idea of how much forced technology transfer costs the USA, some experts say to look at the costs associated with the theft of trade secrets.

"If people want to play tough, we will play tough with them and see who will last longer", Mr Cui said. The timing, though, also appeared to be a warning shot against Trump's latest action on the trade front, on Thursday, when he took specific aim at a much wider range of Chinese products.

U.S. Trade Representative Robert Lighthizer revealed new names on a growing list of exemptions to the Trump administration's metals tariffs to the Senate Finance Committee March 22.

In fact, the commerce ministry said on its website that the USA move, restricting imports on national security grounds, "has severely undermined the multilateral trade system led by the WTO, disrupted worldwide trade order, and has drawn opposition from other WTO members".

"I don't think unilateral tariffs imposed by the United States, not even in collaboration with its closest allies in Western Europe, are going to force China to make these drastic changes to its industrial structures". With budget deficits rising in coming years and tax cuts approved in December expected to hurt revenue, the Treasury has to sell more securities to pay the government's expenses. It's been very unfair to us.

However, trade watchers in Asia says China's retaliation will no doubt be carefully targeted to hit key Trump-supporting areas of the US.

It retaliated on Friday afternoon with plans for more than $4 billion in tariffs on U.S. pork, aluminium, wine and other products.

Chinese border police officers watch the arrival of a container ship at a port in Qingdao.

Yesterday, the world gasped when the U.S. president raised his pen to sign a piece of paper that was apparently going to start an all-out trade war with China.

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