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

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

The White House had previously asked the Office of the United States Trade Representative about the possibility of imposing a 10% tariff on $200 billion worth of Chinese goods.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 percent. They include liquefied natural gas or LNG, metals and agriculture products, like flour and smoked beef.

By contrast, the Chinese phone maker Huawei has just overtaken the U.S. brand Apple as the most purchased make of smartphone in the world. "Likewise other countries. We are Winning, but must be strong!"

The intensification of the trade conflict has been accompanied by an escalation in the aggressive rhetoric emanating from the Trump administration.

President Donald Trump will keep pressing China for trade concessions, a top White House economic adviser said Friday, as the Asian nation continued the tariff escalation by announcing further retaliatory actions against US goods.

Evidently, the shuffling of stock market ranks didn't have much to do with Japan's rise but with China's fall.

The result is that both China and the USA are now using government funds to stimulate areas of the economy.

China's state media said on Saturday the government's retaliatory tariffs on $60 billion of us goods showed rational restraint and they accused the United States of blackmail. "We have really rebuilt China, and it's time that we rebuild our own country now", Mr Trump said on Saturday during about an hour of free-wheeling remarks at a rally outside Columbus, Ohio. Those tariffs have not taken effect, and a final decision on their size and scope is not expected until next month. "So we'll have a united front against China". There's recently been some communication at the highest levels, he told reporters outside the White House. But there are major obstacles in the way of further negotiations.

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Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers. This would impact $200 billion worth of Chinese imports into the USA annually. Treasury Secretary Steven Mnuchin duly declared that the trade war had been "put on hold", but this was overturned in a matter of a few days.

Chinese analysts were nevertheless expecting a protracted trade war. "Those are the things that concern us the most".

Many economists say that Trump's focus on trade deficits is misguided and that large trade deficits simply show increased domestic demand. But they have rejected changing technology development plans they see as a path to prosperity and global influence.

"China is forced to take countermeasures", said a ministry statement.

This latest move comes after it emerged Donald Trump's administration is considering hitting £154bn ($200bn) of Chinese imports with additional levies. Even more important, bona fide trade wars occur when tariff spats escalate and precipitate currency devaluations.

Xu Hongcai, an economist with the China Center for International Economic Exchanges, said: "Even though the United States industrial system is large and comprehensive in general, its manufacturing and consumer sectors have had much reliance on imports for many years".

On the other side, it said, "Chinese policymakers had arrived at the conclusion that... It has seriously violated the principles of the World Trade Organisation", Hong Kong-based South China Morning Post quoted the statement as saying.

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