China has announced retaliatory tariffs on $US60 billion ($81bn) worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling it will not back down in a protracted trade war with Washington.
Beijing threatened Friday to bring in the levies on products ranging from beef to condoms, after US President Donald Trump's administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion.
Another $16 billion in US levies on Chinese goods will likely follow in the coming days or weeks, against which Beijing has said it will retaliate.
Their comments follow recent criticism by Larry Kudlow, a top White House economic adviser, who has been saying that Beijing's latest countermeasure was weak and China's economy is softening.
China Plans Tariffs on $60 Billion of Imports to Counter Trump
Taken in totality, the new Chinese proposals will cover $ 60 billion in U.S. imports. "They are really hurting their economy". Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all US imports from China.
USA companies are putting in place measures to cushion the impact of the trade row, including price hikes, and a number of companies - from industrial firms to home furnishers and toymakers - have said they will move some sourcing and manufacturing outside of China. Those tariffs have already started to affect some businesses, though only a small fraction of the USA economy is experiencing consequences.
The market is not large by value compared with approximately $12 billion of USA crude that came to China a year ago, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.
The Ministry said it would impose tariffs ranging from five to 25 per cent on United States dollars 60 million worth of American products.
China's stocks were lower on Monday as Beijing's latest tariff threats escalated the tit-for-tat Sino-U.S. trade war, though the central bank's efforts to shore up the tumbling yuan helped to stabilise the currency.
The U.S. has imposed tariffs targeting aerospace, robotics and other forms of technology, while China retaliated with tariffs on agricultural products, seafood and cars, among other things. In thinking that China will be "broken" by USA tariffs, Donald Trump's nation is rapidly learning that a mutually disadvantageous trade war is far more disadvantageous to U.S. businesses than to Chinese industries.
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Beijing says the United States is deliberately creating the trade conflict, using bullying tactics, and ignoring global negotiating norms so that it can stop the rise of China as a competitor on the world stage.
United States agricultural producers in particular are feeling the sting of the trade war.
"Every country on earth wants to take wealth out of the USA, always to our detriment", he tweeted.
US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) before their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore, yesterday. At minimum, we will make much better Trade Deals for our country!,' he added.
The new tariffs would hit items from China like handbags and petroleum.
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