Trump doubles down on trade war with China by announcing new tariffs

US President Donald Trump- shown here at the White House earlier this month- has taken a tough stance on trade in his second year in office

US President Donald Trump- shown here at the White House earlier this month- has taken a tough stance on trade in his second year in office

"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the U.S., but of the world", the ministry said.

Initially, 545 U.S. products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout.

The president announced on Friday that the US would impose 25 percent tariffs on $50 billion in Chinese goods.

Gulf oil producers may benefit from China's threat to impose import tariffs on U.S. crude and other energy products, as key exporters meet to discuss production increases later this week.

Beijing responded by saying it would hit 659 USA goods worth $50bn with a similar tax.

The new USA tariff will be imposed if China goes ahead and implements its new tariff on American goods, announced last week, the White House said, adding that trade between the two countries "must be much more equitable".

Over the past six months, the United States has exported an average 363,000 bpd of crude oil to China, which along with Canada is the biggest buyer of USA crude.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in a statement.

However and unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports.

Trump once again touted his relationship with Chinese President Xi Jinping.

Mr. Trump said that if China responds to this fresh round of tariffs, then he will move to counter "by pursuing additional tariffs on another $200 billion of goods".

China is now running a $376 billion surplus in trade with the USA, according to the White House.

"But the United States will no longer be taken advantage of on trade by China and other countries in the world".

Pompeo said China's theft of US intellectual property "is at an unprecedented level of larceny" and he had raised the issue in talks last week with China's President Xi Jingping.

The tariffs announced by the White House on Friday hit more than 1,100 Chinese products with a rate of 25 percent.

He said China's recent claims of "openness and globalization" are "a joke". "Let's be clear: It's the most predatory economic government that operates against the rest of the world today".

"Coal miners count among Trump's most vocal backers, but if China does stop buying United States coking coal, it may force producers to accept lower prices from other buyers in order to move cargoes", said Russell.

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