China vows to retaliate against Trump's $50bn of tariffs

A list of 1,300 Chinese goods published in April which included the likes of flamethrowers and false teeth has now been whittled down to 800 and is due to be published on Friday

Trump announces 25% tariff on Chinese imports

Chinese regulators also are considering a tariff hike on an additional 114 products including medical equipment and energy products, the Finance Ministry said. Included are 818 items, worth $34 billion a year, from a list of 1,333 the administration had released in April.

USA soybean futures plunged 1.5 percent to a one-year low on concerns that an escalating trade fight with China will threaten shipments to the biggest buyer of the oilseed, traders said. The tariffs are also meant to punish China for cyberespionage, theft of US companies' trade secrets and theft of intellectual property, like patents.

Although talks between Beijing and Washington have ground to a halt, US President Donald Trump insisted he was still open to negotiation.

Caught in the middle as the world's two largest economies battle over trade are United States farmers and other businesses who are being squeezed.

"The first choice is cooperation and mutual benefit". It also said that earlier commitments made on trade were now off the table.

American consumers and businesses have taken the tariffs in their stride and the growing economy has brought in more workers, pushing unemployment down to levels not seen since the 1960s.

The commerce ministry issued two lists of American goods - worth $50 billion in total - which will be hit with a retaliatory 25 percent tariff.

The announcement caps months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage Trump's grievances over the soaring trade imbalance and Beijing's aggressive industrial development policies. "It is also about values, governance and geopolitical disagreements", she said.

The Chinese announcement is the latest volley in a trade dispute between China and the USA that has been escalating for months.

The American Soybean Association, which represents more than 300,000 soybean farmers, appealed to Congress last week to halt trade tariffs.

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"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices", Trump said.

The value of China's American lobster imports grew from $108.3 million in 2016 to $142.4 million past year.

Trump announced on Friday that the new china tariffs will not initially include the full $50bn. Several industry lobbyists told Reuters they expected the move to come as early as Friday, with publication of a Federal Register notice, or it could be put off until next week. When a vehicle is sent to China from the United States, there is a Tariff to be paid of 25 per cent.

China, Europe, Canada and Mexico have not folded in the same way that Japan did in the 1980s, and have already set their own tariffs in response to Trump's moves.

Washington and Beijing appeared increasingly headed toward a trade war after several rounds of negotiations failed to resolve USA complaints over Chinese industrial policy, market access and a $375 billion trade gap.

Erin Ennis of the U.S.

"My great friendship with President Xi of China and our country's relationship with China are both very important to me", Trump said in the statement.

"China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer added.

Amid the rising trade tension, China's Commerce Ministry spokesman Gao Feng said Chinese exporters have been front-loading their shipments due to changes in the global trade environment.

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