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After the White House announced it would impose the tariffs on China beginning on July 6, Beijing immediately retaliated and said it would put penalties on $50 billion worth of USA goods like beef, poultry, tobacco and cars. The Trump-led tariffs apply to almost 1,100 Chinese exports ranging from automobile and manufacturing hardware to aerospace and robotics.

"China does not want to fight a trade war", the Commerce Ministry said.

The U.S. exports about $14 billion worth of soybeans to China, according to the U.S. Department of Agriculture, and Iowa is the nation's second-largest soybean grower, per the Register.

China has noticed the United States statement that it will continue to impose additional tariffs if China takes retaliatory measures. President Trump approved the tariffs after a meeting with trade and Cabinet officials on Thursday.

Chinese officials announced retaliatory tariffs aimed at the United States on Saturday that target American exports such as electric cars, soybeans, and whiskey.

"The trade war was started many years ago by them, and the United States lost".

Soybean prices tumbled this week in Chicago, along with other key agricultural commodities, amid rising trade tensions culminating in Friday's announcements of new USA and Chinese tariffs. Mr. Trump on Friday accused China of intellectual property theft and unfair trade practices as he announced the tariff on Chinese goods. Meanwhile, the other US$16 billion worth of Chinese products will undergo further review in a public notice and comment process.

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Those include 818 products, worth 34 billion dollars a year, remaining from a list of 1,333 the administration released in April. "I have a wonderful relationship with President Xi [Jinping]".

Beijing also has announced plans to cut import duties on autos and some consumer goods and to ease limits on foreign ownership in auto manufacturing, insurance and some other industries, though those don't directly address USA complaints. "There's no trade war, they've taken so much", Trump contended in the Fox News interview.

"An escalating global trade dispute or widespread rises in import tariffs would have a marked negative impact on Germany's export oriented economy", it said.

The 28 members of the European Union agreed Thursday that retaliatory tariffs would go into effect in the coming days.

The ministry says it's also scrapping deals to buy more American farm goods and other exports - steps that were meant to help ease a dispute over China's trade surplus and China's technology policy.

The administration is also working on proposed Chinese investment restrictions by June 30.


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