>> A day after Donald Trump hit China with $50 billion of new tariffs, Beijing has shot back. And unlike Trump's targets filled with obscure industrial products, China is aiming for signature American exports. Beijing announced Wednesday it's matching the US tariff threat with its own $50 billion list. It would slap down 25% tariffs on cars and planes, as well as an exhaustive list of food and agriculture products from beef to tobacco, from whiskey to soybeans.
As Reuters' Brenda Goh reports from Shanghai, US business insiders are anxious over what it all may mean for exports.>> People are saying that they are worried about the financial impact of these tariffs, that it might lessen their competitive advantage vis a vis products from their competitors in other countries.
However, what they say they are more concerned about is the image of US products among Chinese consumers. Last year, we saw South Korea badly hit because of a nuclear deployment issue between China and South Korea that saw many South Korean brands being boycotted by Chinese shoppers, and also Chinese tour groups stopping their trips to South Korea.
>> China's tariffs will activate depending on when Trump's own list goes to effect. The US has scheduled two months for consultation about its tariffs. US Trade Representative Robert Lighthizer said Tuesday, Washington's list covers damage to American business over quote unreasonable technology transfer policies.>> We're going to cut down the deficits one way or the other.
>> A recent investigation ordered by Trump accused China of a long list of trade abuses, including coercing US companies into handing over tech secrets as a cost of doing business. Beijing denies that claim. And a Chinese trade group said Wednesday, there was quote no factual basis for the US investigation.