WION Web TeamWashington, DC, USAJul 06, 2018, 07.33 AM (IST)
With the tariff deadline looming on Chinese goods, President Trump said his administration would be collecting $34 billion worth of tariffs from Chinese goods entering the US starting Friday.
The US will start collecting the tariffs at 12:01am Washington D.C. time (0401 GMT) from Friday onwards even as China said it would retaliate with trade measures of its own although it said the country will not "fire the first shot" in a trade war with the United States
"You have another $16 billion in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300," Trump said.
Trump warned that other rounds of tariffs could see more than $500 billion worth goods being put under tariffs.
Chinese Commerce Ministry spokesman Gao Feng said that the proposed US tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.
"U.S. measures are essentially attacking global supply and value chains. To put it simply, the US is opening fire on the entire world, including itself," Gao said.
Meanwhile, US Customs and Border Protection said it would begin collecting 25 percent duties on 818 product lines identified in June by the US Trade Representative's Office.
US Customs and Border Protection said it would begin collecting 25 percent duties on 818 product lines