China to hit back at USA with 60 billion dollars tariffs

China to hit back at USA with 60 billion dollars tariffs

Beijing's plans for tariffs on $60 billion of us goods includes an additional 5 percent in duty on about 600 kinds of USA products, including planes and computers; another 10 percent on nearly 1,000 products, including wigs and textiles; an extra 20 percent on more than 1,000 items, including some chemicals, cookers and paper; and an additional 25 percent on over 2,400 products such as meat, wheat, wine and liquefied natural gas.

A commentary in the official Xinhua news agency said: "The United States has repeatedly resorted to threatening and deceitful routines, trying to force China to compromise, both overestimating its own bargaining power and underestimating China's determination and ability to defend its national dignity and the interests of its people".

The Ministry of Finance said in a statement that the retaliatory measures were in response to the latest U.S. threat on July 11 to slap duties on Dollars 200 billion worth of Chinese products, and to raise those tariffs from 10 to 25 per cent. US business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States.

The planned tariffs could affect thousands of Chinese imports, including food products, chemicals, steel, aluminum and consumer goods that include furniture, bicycles, baseball gloves and beauty products.

China has announced a plan to impose new tariffs on $60 billion of American goods, in retaliation for the latest tariff threats from the Trump administration.

Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent.

Paglia said Ohio Star Forge primarily exports to countries covered by the North American Free Trade Agreement - Canada and Mexico - but could feel the indirect results of the Chinese tariffs, because some of their products are exported to China by their customers.

China has unveiled plans to impose retaliatory tariffs on USA imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world's two largest economies.

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China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on U.S. goods were rational and restrained.

It comes at a time when the United States has several large-scale LNG export facilities under construction, and after Trump's late 2017 trip to China that included executives from U.S. LNG companies.

Chinese state media on Monday lashed out at U.S. President Donald Trump's trade policies in an unusually personal attack, and sought to reassure investors anxious about China's economy as growth concerns rattled its financial markets.

Beijing's attack on Trump comes after the president told supporters during a campaign rally in OH on Saturday that "we have really rebuilt China, and it's time that we rebuild our own country now". Also, Trump's tariffs so far have been levied on $85 billion worth of foreign goods, which might cover about.1 percent of the debt, notes The Washington Post.

Already, the trade war has begun to take a toll: For instance, China has lost its status as the world's second-largest stock market, falling behind Japan, The Financial Times reported on Friday.

"We want to see trade reforms". At minimum, we will make much better Trade Deals for our country!,' he added.

"China is forced to take countermeasures", said a ministry statement. China market has dropped 27% in last 4months, and they are talking to us.

"Other countries use Tariffs against, but when we use them, foolish people scream!" China has since stated that it will match such tariffs in kind promptly.

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