China raises tariffs on $60B of U.S. goods in technology fight

China warns it has no choice but to retaliate against the latest round of US tariffs but did not specify how. — Reuters pic

Trump orders new tariffs on additional USD 200 Bn worth of Chinese imports

Beijing said it would retaliate with tariffs against $60 billion worth of American products after Trump on Monday imposed 10 percent tariffs on about $200 billion worth of imports from China.

Tariffs of between five and 10 percent will take effect on some 5,200 United States products on Monday, on the same day as the new United States duties, the finance ministry said. "Once again, I urge China's leaders to take swift action to end their country's unfair trade practices".

China will levy tariffs on about $US60 billion ($A83 billion) worth of USA goods in retaliation for the latest round of United States tariffs on Chinese products, as previously planned, but has reduced the level of tariffs that it will collect on the products.

Trump took to Twitter on Tuesday morning to say that any further action by China targeting United States farmers and industrial workers would result in "great and fast economic retaliation" from the US. "There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!"

In an announcement on Monday, Trump ordered his administration to levy 10 percent tariffs on about US$200 billion in Chinese goods on Monday next week and to more than double the rate in January if Beijing refuses to offer trade concessions. Trump has already imposed 25 percent tariffs on $50 billion in Chinese goods.

He also warned that if China retaliated then the U.S. would "immediately pursue phase three" which would mean imposing further tariffs with taxes on another $267bn worth of Chinese products.

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In a huge relief to Apple and its investors, Apple's smart watch, smart speaker and AirPods are not among the products that will be affected by the Trump administration's latest tariffs on Chinese imports, the media reported.

A Chinese government source, who spoke on condition of anonymity because they were unauthorised to speak publicly, told the South China Morning Post that Beijing was now reviewing its plans to send a delegation led by Vice-Premier Liu He to Washington for talks with US Treasury Secretary Steven Mnuchin.

Trump taking the steps to turn the screws on one of America's biggest trading partners, hoping more pain will bring the Chinese back to the bargaining table.

Last year, Southern California ports handled $173bn in Chinese imports, about a third of all goods shipped from China to the US, CNBC reported.

The officials told reporters the lower initial tariff rate would give United States businesses time to find new suppliers. According to these experts, a large US trade deficit with China means that America is a wealthy country and American consumers can afford the most up-to-date devices.

"We deeply regret this", said a Commerce Ministry statement.

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On Monday, the Communist Party backed Global Times newspaper warned that if Trump went ahead with the tariffs, China would not just play defense. Chinese Ministry of Commerce signalled that with the new round of tariffs, a fresh round of trade talks with the US was now uncertain.

China's finance ministry said it will respond accordingly if the USA further increases tariffs. "U.S. household will soon face higher prices for common goods", he said.

"We feel deeply regretful over the decision", a ministry representative said Tuesday.

"China has had many opportunities to fully address our concerns", Trump said.

"The sooner President Xi and President Trump meet to craft a new trade path forward, the better", he said.

Last week, the American Chambers of Commerce in China and in Shanghai reported 52 percent of more than 430 companies that responded to a survey said they have faced slower customs clearance and increased inspections and bureaucratic procedures.

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