China threatens tariffs on $60 billion in United States goods

Aug 04, 2018, 02:56
China threatens tariffs on $60 billion in United States goods

Beijing plans to impose an additional 5% in tariffs on about 600 kinds of products including planes and computers, another 10% on nearly 1 000 products including wigs and textiles, an extra 20% on more than 1 000 items including some chemicals, cookers and paper, and an additional 25% on over 2 400 products such as meat, wheat, wine and LNG, according to the statement.

The United States was the fourth-largest supplier of foreign chocolate products to China in 2017, worth around $24 million, after Italy, Russia and Belgium, according to customs data. "It has seriously violated the principles of the World Trade Organisation", Hong Kong-based South China Morning Post quoted the statement as saying.

The move is in response to threats by the Trump administration to raise the tariff rate on an additional $200 billion worth of Chinese goods.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 percent.

In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion. "I keep my promises".

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices, many of which are laid out in USTRs 301 report", Sanders told Breitbart News in a response to news of the $60 billion in Chinese retaliatory tariffs on us goods.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

China has said new duties will be applied only if Washington pulls the trigger on its new tariffs.

A statement said: "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) shake hands during their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore on Aug 3, 2018.

Washington and Beijing are locked in a battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how.

As we all know, Donald Trump really, really hates trade deficits.

The market is not large by value compared with the around $16 billion per year of U.S. crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions ofhouseholds to the fuel away from coal as part of its battle against smog.

Trump has threatened to slap tariffs on virtually all of China's exports to the United States in the tit-for-tat trade conflict.

"The Chinese are also coping by lowering the rate of the yuan, while the USA can look towards countries in Southeast Asia as replacements for its imports, so it's not a big issue", Ye said.

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