White House Urges China Address ‘Unfair Trading Practices’ Not Tariff Retaliation

Beijing threatened Friday to bring in the levies on products ranging from beef to condoms, after US President Donald Trump's administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion.

China's proposed tariffs on USA liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess.

China included liquefied natural gas for the first time in its list of proposed tariffs.

The state-run Sinopec is waiting until it is clear when or if China's 25 per cent tariff threat on U.S. crude imports might begin, the person said.

He told reporters afterwards that Beijing is willing to resolve differences on an equal footing, but added that they did not speak much on the trade dispute.

The threat came a day after Chinese officials appealed for dialogue based on "mutual respect", with Foreign Minister Wang Yi urging the USA on Thursday to remain "cool-headed". Foreign Minister Wang Yi also urged the United States to remain "cool-headed" at a press conference in Singapore after an Asean-China meeting.

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

White House economic adviser Larry Kudlow said China's threat was a "weak response", and warned that "they better not underestimate the (US) President".

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Beijing also declined to stop imports from Iran, dealing a blow to United States efforts to isolate that nation, though it agreed not to increase shipments, according to officials familiar with the negotiations.

The United States reached a surprise deal on trade last week under which Washington agreed not to put any new tariffs on imports from the European Union, forestalling a possible 25 percent levy on auto imports the Trump administration has been considering.

China has now either imposed or proposed tariffs on $110 billion of United States goods, representing the vast majority of China's annual imports of American products.

China, the world's biggest oil importer, took a record volume from the United States in June, increasing the potential hit to American producers if China does enact tariffs.

Washington claims that China's export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how.

The People's Bank of China has announced new requirements for certain types of trading in the yuan, measures that are aimed at stabilising the currency.

Beijing was also not striking back with the "same strength", said Professor Yuan.

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