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08 April 2018, 01:13 | Damon Campbell
The U.S. buys $506 billion worth of goods from China but only exports $130 billion, leaving a trade deficit of $375 billion between the two countries.
As of February, the US also had a record-high $375.2 billion trade deficit with China, meaning it spends considerably more on Chinese imports than it makes on exports sent to China.
"Tomorrow the president will announce the actions he has chose to take based on USTR's 301 investigation into China's state-led, market-distorting efforts to force, pressure, and steal US technologies and intellectual property", White House official Raj Shah said in an emailed statement ahead of the announcement.
"We've already lost the trade war". This is in addition to the proposed 25 per cent import tariffs worth Dollars 50 billion on some 1,300 Chinese products being imported into the US.
The UK has a major gender pay gap problem Men make up 72.48% of Oath's top earners while women's bonus pay is on average 33.66% less than men at the company. Four in ten (46 per cent) adults who use an investment company are likely to switch their provider.
The rising trade tension between the world's two largest economies follows a United States finding that China was engaging in unfair trade practices in connection with intellectual property protection.
US farmers, too, stand to lose their biggest trading partner.
Put simply, a tariff is a tax typically imposed on imported goods.
A second point to be considered is the large export capacity of the USA, which Brazil will not be able to replace.
"We pay the highest tariffs on average of any product", Steve Lamar, executive vice president of the American Apparel and Footwear Association, told CBS MoneyWatch last week.
The inclusion of soya beans on China's list of tariff-hit products is seen by many as a bold move.
The public has until May 11 to submit comments on the proposed list of US tariffs, with a hearing scheduled for May 15.
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