China and the United States have kicked off a tit-for-tat exchange of trade tariffs, with the US introducing a 25 percent tariff on $38 billion worth of Chinese goods to take effect from July 6.
Over the weekend, Beijing hit back with tariffs on the same dollar amount of American goods.
In April, the Trump administration outlined around 1,300 products[1] worth $50 billion that would be hit with the proposed tariff. On Friday, that list had been reduced to 1,102 items of the same value, with 818 items worth $34 billion set to be hit with tariffs from July, and the $16 billion remainder to undergo further review and a public hearing on July 24 before a final determination is made.
"We must take strong defensive actions to protect America's leadership in technology and innovation against the unprecedented threat posed by China's theft of our intellectual property, the forced transfer of American technology, and its cyber attacks on our computer networks," said United States Trade Representative Robert Lighthizer.
"China's government is aggressively working to undermine America's high-tech industries and our economic leadership through unfair trade practices and industrial policies like 'Made in China 2025'. Technology and innovation are America's greatest economic assets, and President Trump rightfully recognises that if we want our country to have a prosperous future, we must take a stand now to uphold fair trade and protect American competitiveness."
For its part, China said it "doesn't want a trade war" but has to "fight back strongly", a Commerce Ministry statement said on Saturday.
In a statement on Friday, US President Donald Trump promised further action if Beijing hit back.
"The United States will pursue additional tariffs if China