China Friday swiftly retaliated by imposing "equal" tariffs on US products following a decision by Donald Trump to slap duties on $50 billion of Chinese products.

"We will immediately launch tax measures of equal scale and equal strength," the commerce ministry said in a statement on its website which also called on other countries to "take collective action" against this "outdated and backwards behaviour".

China would also cancel agreements it had reached with the US during previous discussions over the penalties, it said.

The statement was issued after the US president announced tariffs of 25 percent on $50 billion of Chinese imports, making good on a pledge to punish the alleged theft of US intellectual property.

In a statement, he warned of "additional tariffs" should China hit back with tit-for-tat duties on American goods and services exports.

"Launching a trade war does not accord with global interests," the Chinese commerce ministry said.

"China definitely does not want a trade war, but in the face of the US's malicious, harmful and shortsighted conduct, China has to impose powerful countermeasures and resolutely defend the national interest and the people's interests," it said.

Trump's announcement capped months of sometimes fraught shuttle diplomacy between Washington and Beijing, in which Chinese offers failed to assuage Trump's grievances over the soaring US-China trade imbalance.

US Trade Representative Robert Lighthizer said Friday the United States would begin collecting duties on 818 Chinese imports valued at $34 billion as of July 6.

A second tranche of 284 goods valued at $16 billion -- which would bring the total to $50 billion -- will undergo an additional process of review and public comment, according to the trade representative's office.

Analyst BMI Research said Beijing could weather the impact, at least in the short term.

"This is likely to be manageable for the Chinese economy, and the government could offset the damage through tax cuts and domestic subsidies," the company said.

"The risk is that the situation continues to escalate and turns into a trade war, which would have heavier negative impact not only on China but on other economies in the region."

The Chinese commerce ministry did not provide details of how it planned to implement the new duties.

China previously issued a list of US products it would hit with 25 percent tariffs in the event of a trade war -- from big products like soybeans and beef to more niche items such as bourbon and ginseng -- although no timetable was specified.

China is the largest market for US soy and the threat of tariffs on exports of the commodity has the potential to whip up trade anxieties in stalwart Republican states.

US pork and cars manufactured in the United States are already on the radar of Chinese customs, which has stepped up inspections.

US: trade war waged on many fronts
Paris (AFP) June 15, 2018 - The United States on Friday announced new tariffs on Chinese exports, the latest front in its emerging trade war with key partners.

The new measures come hot on the heels of recent US tariffs on steel and aluminium which have prompted tit-for-tat moves from trading partners such as the European Union, Canada and Mexico.

Here is a panorama of the trade conflict:

- China -

Washington's new tariffs of 25 percent targeting $50 billion in Chinese imports make good on a pledge to punish the alleged theft of American intellectual property.

China vowed to "immediately" respond and "launch tax measures of equal scale and equal strength".

China, also affected by steel tariffs, called on other countries to "take collective action".

The administration of US President Donald Trump wants to reduce by $200 billion its $375 billion trade deficit with Beijing.

- European Union -

EU countries on Thursday approved a raft of tit-for-tat tariffs targeting dozens of US goods including emblematic exports like jeans, whiskey and motorcycles following the new steel levies.

The countermeasures target 2.8 billion euros ($3.3 billion) of American imports.

Europe is also worried that Washington will follow up on a threat to impose punitive tariffs on imported cars, something particularly feared by the powerful German car industry.

- Canada and Mexico -

Canada and Mexico, both members with Washington of the North American Free Trade Agreement (NAFTA), have not been spared the US offensive.

Trump and Canadian Prime Minister Justin Trudeau traded barbs over the steel tariffs at a tense summit of the G7 richest countries last weekend.

Trump pointed to a high trade deficit with Canada, something denied by Ottawa.

Canada has also vowed to take retaliatory measures against Washington in July.

Meanwhile negotiations between Washington, Mexico and Canada to modernise NAFTA have hit troubled waters over cars.

The Trump administration wants cars made in Mexico or Canada to be mainly manufactured with US-made parts.

Following Washington's announcement on steel and aluminium tariffs, Mexico has also decided to impose equivalent customs tariffs on US goods, including some steel products, cheese and fruit.

- Russia -

Russia has informed the World Trade Organization that it is planning retalitarory measures against Washington, estimating the damage of the steel tariffs at $538 million.

Trade relations between Washington and Moscow were already strained by sanctions imposed by Washington targeting oligarchs and businesses accused of supporting President Vladimir Putin's efforts to undermine Western democracies.

- Iran -

Trump announced in May he was abandoning the hard-won 2015 nuclear deal with Iran -- which will mean new sanctions on the Islamic republic and punitive measures for those who trade with it.

Several major firms -- including France's Total and Peugeot, and Russia's Lukoil -- have said they are preparing to exit Iran before US deadlines, the last of which is November 4.

- Japan -

Japan has informed the WTO that it plans to impose retalitatory measures on US goods to a tune of 50 billion yens (385 million euros, $446 million) following the steel tariffs, which have applied to it since March.

The country's main concern is over the threat of tariffs on US imports of cars.

- South Korea -

The White House announced on May 1 it had finalised a free trade accord with Seoul, ending a trade conflict with South Korea.

Under the agreement Seoul accepted to open up its car sector more to US carmakers. It has also accepted to reduce by 30 percent its exports of steel to the US.

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US launches another trade case against China
Washington (AFP) June 12, 2018
US President Donald Trump's Commerce Department on Tuesday announced another trade action involving Chinese imports, with producers of steel propane tanks accused of dumping and unfair subsidies. It is the latest in a series of disputes the Trump administration has taken up against Beijing, the largest of which are the looming 25 percent tariffs on $50 billion in Chinese goods amid complaints the country is stealing US technology. The frictions with the Asian giant, as well as the latest conflic ... read more