U.S.-China trade war back on

The U.S. shift towards protectionism doesn't seem to be going away, with Washington looking to place tariffs on imports from China and the EU.
Kim Hyesung reports.
Trade tensions are back on again.

"When it comes to international relations, each and every flip-flop will only lead to further depletion and squandering of the country's credibility and reputation."

That's China's response to renewed threats from the U.S. on trade, with Beijing warning that it is ready to fight back if Washington is looking for a trade war.
The tit-for-tat comes after the two sides had agreed less than two weeks ago to put the tariffs on hold and... just days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross for trade talks.
On Tuesday, the White House said it will press ahead with a 25 percent tariff on 50 billion U.S. dollars of Chinese technology imports and will restrict Chinese investment in the U.S.
Washington added that it will announce the final list of imports covered by the measures by June 15th, and that the tariffs will be imposed shortly thereafter.
At the same time, trade tensions between the U.S. and the EU are also brewing.
According to the Wall Street Journal Wednesday, Washington could announce plans to impose tariffs on steel and aluminium from the EU on Thursday.
In March, President Donald Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminium, but granted temporary exemptions to several countries, including the EU, whose exemption is set to expire this Friday.

"Europe is united and firm. We have worked in an extremely intensive manner in recent weeks to avoid the increase in tariffs, to allow for an evolution towards freer markets. But we are also prepared to react."

Top European officials met with U.S. trade officials in Paris on Wednesday in a last-ditch effort to avoid the tariffs.
But a solution appears far from reach, with both sides vowing not to back down in the trade spat.
Kim Hyesung, Arirang News.