Beijing retaliated immediately to tariffs on tens of billions in Chinese imports imposed by US President Donald Trump on Friday, igniting a trade war that threatens to cut into the pair's massive bilateral trade - potentially harming exporters and US multinationals keen on China's huge market.
In an interview with John Catsimatidis, Schumer said he thought Trump was right to place tariffs on China because, he said, the country is acting unfairly toward the U.S.
"China has, for example, always been engaging in several unfair practices related to the acquisition of American intellectual property and technology", Trump said in the statement issued by the White House. Beijing earlier drew up a list of $50 billion in USA products that would face retaliatory tariffs, including beef and soybeans, a shot at Trump's supporters in rural America.
"If the U.S. takes unilateral and protectionist measures that harm Chinese interests, we will respond immediately by taking the necessary decisions to safeguard our legitimate rights and interests", Chinese foreign ministry spokesman Geng Shuang said earlier on Friday.
President Donald Trump says the tariffs on China are a response to what he calls the country's unfair trade practices, including requiring USA companies to effectively hand over innovations and other competitively sensitive information in exchange for access to the massive Chinese market.
The U.S. imported $506 billion of goods from China a year ago and exported about $130 billion, leaving a 2017 deficit of $376 billion, according to government figures.
The U.S. imports a LOT more Chinese goods than the Chinese import in regards to American goods and its easy to see above.
It published a draft list of about 1300 Chinese products slated for tariffs in April.
The Commerce Ministry said: "China does not want a trade war".
Slowing credit growth has translated into lower investment, analysts say, as Chinese factories and workshops let up from their frenetic pace in May and retail sales slowed.
"The Associated Press reported Friday morning, "[China's] Commerce Ministry said it also was scrapping deals to buy more American farm goods and other exports as part of efforts to defuse a sprawling dispute over its trade surplus and technology policy". On Friday, they issued a joint statement promising they will bring their concerns to the Office of the U.S. Trade Representative.
The United States has already imposed tariffs on steel and aluminum from Canada, Mexico and the European Union.
The U.S. isn't the only country in the lobster trade. Not included are consumer goods including mobile phones and televisions.
"The mentality of the Trump team is a little odd", Andrew Polk, co-founder of research firm Trivium China in Beijing, told Bloomberg.
Beijing and Washington have held three rounds of high-level talks since early May that have yet to yield a compromise, with Mr Trump unmoved by a Chinese offer to buy an additional US$70 billion worth of USA farm and energy products and other goods, people familiar with the matter have said.
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