China strikes back with 25% tariffs on U.S. soybeans and cars

중국 미국산 대두, 자동차에 25% 관세부과

Shortly after Washington unveiled a list of Chinese imports to be hit with tariffs,... Beijing responded.
Retaliation... using similar measures against American goods, specifically targeting soybeans and vehicles.
Cha Sang-mi updates us on the trade tensions heating up between the world's two economic superpowers.
Trade tensions between the world's two major economies are hotting up.
China has struck back with a 25 percent tariff on one-hundred-and-six American imported goods categories, including soybeans, cars and chemicals, according to CCTV.
Beijing's announcement comes just hours after the U.S. unveiled a list of 13-hundred Chinese goods subject to 25-percent tariffs, as part of its punishment against Beijing over alleged intellectual property rights violations.

The Chinese commerce ministry argues that the U.S. has violated the spirit and principles of the World Trade Organization regulations.
The tariff list by the U.S. Trade Representative covers annual Chinese imports worth 50 billion U.S. dollars including industrial robots, telecommunications equipment and biomedical products, which are part of China's ten major core industrial development projects.
Bloomberg reported that the U.S. is trying to undermine China's development efforts in these areas as China tries to move away from its current manufacturing-based economy towards a more technologically advanced economy.
The U.S. measures, which will not take effect until May 11th after public opinion has been gathered, come a day after Beijing slapped tariffs on nearly 130 American items, mainly agricultural goods.
Cha Sang-mi, Arirang News.

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