China announces new reciprocal tariffs on 106 US products

US Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro both said recently that the Section 301 tariffs will primarily target Chinese industries under the Made in China 2025 strategy.

Lighthizer has described that strategy as a threat to the global trading system, while Navarro said China was "going to dominate every single emerging industry of the future, and therefore your economies aren't going to have a future".

The Made in China 2025 plan, unveiled in 2015, highlighted 10 sectors in advancing China's modern manufacturing power — information technology, high-end machinery and robotics, aerospace, marine equipment and ships, advanced rail transport, new-energy vehicles, electric power, agricultural machinery, new materials and biomedical.

Premier Li Keqiang said in Beijing last week that the Made in China 2025 strategy is an open and fair environment with equal treatment of domestic and overseas businesses.

"China will not force any technology transfer from any foreign company and will enhance efforts to protect intellectual property rights and severely crack down on infringement, and China welcomes more globally competitive businesses to share the China growth opportunities," Li said.