Tuesday, 14 August, 2018

China warns of new tariffs on USA goods

President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China
Orlando Vargas | 04 August, 2018, 10:28

A container ship was docked at a port in Qingdao, in eastern China's Shandong Province, on July 6.

China on Friday said it will slap additional tariffs on about Dollars 60 billion worth of American products in retaliation to President Donald Trump's plan to raise duty on USD 200 billion Chinese imports, escalating the trade war between the top two economies of the world.

While the Trump administration has already slapped a 25 percent tax on $34 billion in Chinese products, is readying levies on another $16 billion and has threatened tariffs on $200 billion more, the administration on Wednesday also proposed raising potential tariffs on the $200 billion list to 25 percent from an originally-announced 10 percent.

White House economic adviser Larry Kudlow said the yuan is falling partly because China is a "lousy investment", trash talking the world's second-largest economy after it threatened more retaliatory tariffs on USA exports.

The tariffs would range between five per cent and 25 per cent and would hit 5,027 products, according to the finance ministry.

President Donald Trump this week ordered officials to consider imposing a 25% tax on $200 billion worth of imported Chinese goods, up from an initial 10% rate.

China has announced retaliatory tariffs on $60 million worth of USA goods.

Foreign ministry spokesman Geng Shuang told media that "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". -China trade at the Chinese Academy of Social Sciences in Beijing, said the tensions have reached a "critical moment".

An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fuelled growth.

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The threat comes as the US has increased rhetoric about the dispute.

Beijing says the United States is deliberately creating the trade conflict, using bullying tactics, and ignoring global negotiating norms so that it can stop the rise of China as a competitor on the world stage.

The list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports that wouldn't disrupt their own economy.

The US economy is more insulated from trade concerns, but Chinese leaders have retaliated strategically, targeting products made in Republican districts and final goods, like soybeans, that can be purchased elsewhere.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

White House economic adviser Larry Kudlow said China's threat was a "weak response", and warned that "they better not underestimate the (US) President". Washington also wants China to stop subsidizing Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

President Donald Trump's administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union.

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