Wednesday, 24 October, 2018

China threatens new tariffs on $60 billion worth of US goods

US may slap China with higher tariffs Beijing vows to retaliate Joshua Roberts Reuters
Orlando Vargas | 03 August, 2018, 20:08

China hit back at US President Donald Trump on Friday, saying it would impose tariffs ranging from 5 to 25 per cent on US$60 million worth of American products.

The move is a response to the Trump administration's recent threat to raise the proposed tariff rate on an additional $200 billion worth of Chinese goods to 25% from 10%.

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.

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

"China has to take necessary countermeasures to defend its dignity and the interests of its people".

The commerce ministry threat came after Wang met with US Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday.

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The Trump administration had earlier threatened additional tariffs of $200 billion and has warned that it has more ammunition than Beijing in the escalating conflict.

"China is in trouble right now - their economy is lousy, investors are walking out, the currency is falling", Kudlow said, in an unusually strong condemnation of a trading partner.

According to China's Ministry of Commerce, the measure will come into force immediately if Washington starts to impose taxes on Chinese imports.

While the tariffs imposed by the European Union still remain in place, the bloc has agreed not to implement more while negotiators from Washington and Brussels attempt to thrash out a deal.

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.

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