China wasted no time responding to President Donald Trump’s tariffs on an estimated $50 billion of Chinese imports in the United States. In the latter part of the day on Friday, China announced that they’re implementing a 25 percent tariff on 659 goods from the U.S in retaliation for Trump’s tariffs. The Chinese tariffs target $50 billion in United States goods.
The Xinhua news agency, in an editorial, stated that a fool “builds walls” and a wise man “builds bridges” in response to the impending trade war brought on by imposing tariffs. Another editorial, this time in the official People’s Daily run by the Communist party, condemned the administration’s actions, claiming that Trump is obsessed with being an economic disruptor on a global scale. The editorial also stated that there are no winners in a trade war, citing that the U.S. starting one hurts economic globalization, trade systems, and global production supply chains, and will cost the rest of the world money for the poor actions.
The China Daily insinuated that the actions violated the spirit of recent trade negotiations between the United States and China and said the actions will backfire in Washington as the President attempts to appeal to the American voter under the guise that he is doing something to fight for them.
The publication did mention that given how frequently the Trump Administration flip-flops on policy, it’s still possible to negotiate and China is open to talks to prevent a full-blown trade war from erupting before implementing tariffs on more than 600 U.S. products.
The list of goods subjected to tariffs is longer than the original 106 proposed in April, but holds the same value of $50 billion. The initial tariffs go into effect on July 6th and affect 545 goods worth $34 billion. They include beef, pork, fish, seafood, dairy, vegetables, tobacco, hybrid and conventional vehicles. China has not announced when tariffs on the other $16 billion in goods, including refined oil, medical equipment, and coal, will go into effect. Aircraft was originally on the list of tariffs published in April, but not on this policy announcement.