<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt; line-height: 21.4667px;">US President Donald Trump has slapped a stiff 25 per cent tariff on USD 50 billion worth of Chinese goods.</span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt;">The president accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world's two largest economies.</span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt;">In a statement, Trump said, trade between the two countries has been very unfair for a very long time adding that this situation is no longer sustainable. Trump warned China of more tariffs if Beijing retaliated on the announcement.</span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt; line-height: 21.4667px;">Reacting to Trump's latest announcement, China said it has imposed equal tariffs on US products.</span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt; line-height: 21.4667px;">Trump's decision to impose fresh tariffs on China follows his recent imposition of steep tariffs on steel and aluminum imports from Canada, Mexico and the European Union on national security grounds.</span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt; line-height: 21.4667px;">The EU and Canada have said they will enact retaliatory tariffs starting in July. Mexico has already retaliated with its own tariffs on US goods.</span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt; line-height: 21.4667px;">A set of retaliatory tariffs released by China includes a plan to tax American lobster exports, potentially jeopardizing one of the biggest markets for the premium seafood. </span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt;">Chinese officials announced on Friday the planned lobster tariff along with hundreds of other tariffs amid the country's escalating trade fight with the United States.</span><br />''</p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt; line-height: 21.4667px;">China said it wants to place new duties on items such as farm products, autos and seafood starting on July 6.</span></p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt;">The announcement could have major ramifications for the US seafood industry and for the economy of the state of Maine, which is home to most of the country's lobster fishery.</span><br />''</p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt;">China's interest in US lobster has grown exponentially in recent years, and selling to China has become a major focus of the lobster industry.</span><br />''</p>''<p class="MsoNormal" style="margin: 0in 0in 10pt; color: #222222; font-style: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; line-height: 16.8667px; font-size: 11pt; font-family: calibri,sans-serif;"><span style="font-size: 14pt;">The announcement came in response to President Donald Trump's own increase in tariffs on Chinese imports in America.</span></p>