China warns it could retaliate with tariffs on $60B
China warns it could retaliate with tariffs on $60B
White House escalates China trade dispute to secure early breakthrough: John Kemp
04 August, 2018, 12:42
China warned the United States on Thursday that upping the ante in a tit-for-tat trade war will "only serve to disappoint" the world as Washingtonthreatened to raise the tariff rate on the next $200 billion of Chinese imports.
In a statement, Lighthizer said the proposed higher tariff is meant to provide the administration with additional options to encourage Beijing to change its trade practices.
The US imposed 25 per cent tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ended July 31.
"The increase in the possible rate of the additional duty is meant to provide the Administration with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens", he said.
China responded with tariffs on USA goods, mainly farm exports.
In early July, the U.S. government imposed 25 per cent tariffs on an initial US$34 billion of Chinese imports.
President Donald Trump has asked aides to prepare for more than doubling the proposed tariff on more than $200 billion of Chinese imports, according to a person familiar with the matter.
So far, the United States has imposed duties on $34 billion of imports from China as part of a first tranche of sanctions on $50 billion of goods.
Trump set his sights on China during the 2016 presidential campaign and has followed through during his presidency with a protectionist strategy that he says is aimed at strengthening US companies and boosting jobs at home.
They include food products, chemicals, steel and aluminum and consumer goods ranging from dog food, furniture and carpets to auto tires, bicycles, baseball gloves and beauty products.
Stock markets edged up globally on Tuesday on a report that the United States and China were seeking to resume talks to defuse the budding trade war.
China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on United States goods were rational and restrained.
"If we're going to use tariffs, this gives us more flexibility and it's a more meaningful threat", he said, adding that Trump's pressure strategy will not work if he does not resolve trade disputes with USA allies such as the European Union, Mexico and Canada. It wants China to stop stealing US corporate secrets, abandon plans to boost its high-tech industries at America's expense and stop subsidizing Chinese companies with cheap loans that enable them to compete unfairly.
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.
China's government, however, shows no sign of bending to Washington's pressure.
"If the United States takes further measures that escalate the situation, China will definitely fight back", said Geng. "The cost increases will be passed on to customers, so it will affect most Americans' pocketbooks".
China is threatening to impose the tariffs on a wide range of products, including chemicals, plastics and leather goods, according to business groups representing those industries.
Hearings are scheduled for Aug. 20 to 23 and the comment period has been extended to September 5 from late August, according to Lighthizer's office.
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China warns of new tariffs on USA goods
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