China says it will retaliate with tariffs on $60B of United States goods

Eileen GuzmanAug 04, 2018

In a statement released on its website the ministry said the tariffs were necessary because the U.S. side has "repeatedly escalated the situation despite the interests of both enterprises and consumers".

The US imposed 25 per cent tariffs on US$34 billion of Chinese goods in early July, with another US$16 billion to be targeted in coming weeks, drawing an in-kind retaliation from China. They also stressed that the White House needs to be clear about what it actually wants from China. China says if that happens, it will follow through with its taxes, which will range from 5% to 25%.

A top White House adviser warned China on Friday not to underestimate U.S. President Donald Trump's resolve in a brewing trade battle between the world's two largest economies, showing little concern over Beijing's threat to impose retaliatory tariffs on $60 billion worth of U.S. goods.

Beijing said that it would retaliate with import duties on thousands of American products, including aircraft and liquified natural gas, if President Trump moved forward with plans to target Chinese goods worth $200 billion with a 25 per cent levy.

An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fuelled growth. The deficit in goods trade with China also rose.

President Donald Trump and his administration have repeatedly called on China to stop unfair trading practices, stop technology and intellectual property theft, and for a decrease in the USA trade deficit with the China.

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

Meanwhile, Beijing's Foreign Minister, Wang Yi, met with his US counterpart, Mike Pompeo at the ASEAN Foreign Minister's Meeting in Singapore on Friday.

Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the United States announced in March.

Washington has vowed to take punitive measures to stop Beijing's Made in China 2025 industrial policy supporting domestic companies developing strategic advanced technologies, including robotics and artificial intelligence.

China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil.

"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".

Why is China threatening more tariffs?

China can not match that dollar for dollar, but it vowed to fight back using "qualitative and quantitative" measures.

Related Articles:



« Previous article


Popular Pages

New Western Fire in Mendocino County near Highway 101 50% contained
The area was quickly ignited due to tinderbox conditions, and the fire was able to take root immediately. The Scotts Valley area, just west of town, remains under a mandatory evacuation order .

Boeing crew-capsule mission delayed after abort engines fail in test
Two companies have NASA contracts to provide flights to the ISS between 2019 and 2024: SpaceX and Boeing (ba). Each company's new ship could be test-launched (without any astronauts inside) by the end of the year.

Kohli scores brilliant century to leave first Test finely poised
It was the second time in the match that Ashwin had dismissed Cook, England's all-time leading Test run-scorer, this way. However, Virat Kohli raced after the ball, picked it up, swivelled and got the throw back to collect the stumps direct.

19 states, DC plan to sue the government over proposed emissions rollback
Fuel efficiency standards were first introduced in 1975 and are estimated to have saved Americans more than $2tn in fuel costs since then.

Galaxy Note9 name confirmed by Samsung for its 'most powerful phone yet'
However, the most interesting highlight of the latest leak is that the 512GB variant of the Galaxy Note 9 has now been confirmed . On top of the onboard storage, the Galaxy Note9 will also support up to a full 1TB of additional storage via microSD.

Tesla gains, US$1 trillion Apple lift Nasdaq
It did not reach the $100 billion mark until May 2007, but five years later the technology giant reached a value of $500 billion. The stock has been rising since Tuesday when it reported better than expected results for the three months to June.

National Archives: We can't produce all Kavanaugh docs until end of October
The documents could be produced earlier via a separate source: the Bush presidential library, which is conducting its own review. Republicans have been hesitant to request those records, however, and have accused Democrats of engaging in stalling tactics.

The PS4 has finally overtaken the PS3 in Sony's latest financial report
Sony recorded a one-time gain of 53.9 billion yen from the sale and said its remaining shares have a fair value of 95.3 billion yen.

Counterpoint: OnePlus 6 shipments beat Galaxy S9+ nearly 3:1 in India
The Chinese brands are now trying to control the premium segment with Huawei , Oppo , Vivo and Xiaomi launching devices this year. The number of smartphones shipped in 2017 fell 0.3 percent, according to IDC , the first decline after years of strong growth.

Murray gets set for hardcourt return in Washington Open
Andy Murray was triumphant in the first round of the Washington Open, but made hard work of beating world No 77 Mackenzie McDonald .