China Imposes $60B Retaliatory Tariffs on U.S.

Eileen GuzmanAug 03, 2018

The heated response came after China threatened to impose retaliatory tariffs on another $60 billion in U.S. exports, as the tit-for-tat trade war with Washington shows no signs of abating.

Duties ranging from 5 per cent to 25 per cent will be levied on 5,207 kinds of American imports if the USA delivers its proposed taxes on another US$200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday.

The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.

During a July 20 CNBC interview, Trump said that he was willing to put tariffs on all $505.5 billion dollars worth of goods that China exports annually to the U.S.

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

Speaking at a press conference on Friday, foreign ministry spokesman Geng Shuang said: "The Chinese side calls on the United States to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem".

The threat came a day after Chinese officials appealed for dialogue based on "mutual respect", with Foreign Minister Wang Yi urging the United States on Thursday to remain "cool-headed". "China is increasingly isolated with a weak economy".

White House economic adviser Larry Kudlow warned China after it announced its retaliatory tariffs, saying Beijing should not underestimate US President Donald Trump's determination to act on trade.

Why is China threatening more tariffs?

The U.S. hit back with tariffs on 1,300 Chinese goods worth $50 billion.

On March 1, President Donald Trump announced that the US would be slapping a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports.

The Chinese commerce ministry blamed the United States for escalating the situation.

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