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U.S., China launch 34 billion-dollar trade war

Posted July. 07, 2018 07:18,   

Updated July. 07, 2018 07:18


The United States dropped a “nuclear bomb” of trade war by imposing hefty tariffs of 25 percent on imports worth 35 billion U.S. dollars (38 trillion won) from China at 00:01 a.m. on Friday. China also said in a trade ministry announcement that it is imposing retaliatory tariffs at 12:05 p.m. (China time), or four minutes after the U.S.’ 25-percent tariffs on Chinese products took effect.

“Thirty-four, and then you have another 16 in two weeks,” U.S. President Donald Trump told reporters aboard Air Force One bound for Great Falls, Montana in announcing his timeline for “tariffs bomb” targeting China on Thursday. “As you know, we have 200 billion in abeyance and then after the 200 billion, we have 300 billion in abeyance, OK.” He thus warned of second and third bombs against China as well.

“China promised not to be the first to open fire, but we have no choice but to start the necessary counterattack to protect core interests of our nation and people,” the Chinese trade ministry said, blaming Washington for the trade war.

Lee Sae Saem iamsam@donga.com