Tuesday, 16 October, 2018

China Announces Retaliatory Tariffs On $60 Billion In U.S. Goods

Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war Media playback is unsupported on your device Media caption The'danger of a US-China trade war
Kelvin Reese | 08 August, 2018, 12:57

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent.

The retaliation stands to further inflame tensions between the world's two biggest economies and echoes China's response to the previous round of tariffs which took effect last month.

After months of economic tensions, the US and China are continuing trade talks, said President Trump, who on Saturday touted the effectiveness of tariffs in a series of tweets.

The Chinese Commerce Ministry blamed the US for escalating the situation.

Gao added that China's tariff move remains very restrained, which signals that the nation has always opened its door to negotiations with the U.S. under the framework of the World Trade Organization, while reserving the right to deploy countermeasures. After earlier action against $34 billion of USA goods, that left about $120 billion for retaliation.

Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the U.S. announced in March.

President Trump vowed Saturday to continue imposing tariffs as a central part of his economic agenda and called his critics "fools", pivoting sharply away from the free-trade message that senior advisers had tried to erect in recent weeks.

China's stocks were lower on Monday as Beijing's latest tariff threats escalated the tit-for-tat Sino-U.S. trade war, though the central bank's efforts to shore up the tumbling yuan helped to stabilise the currency.

President Donald Trump is defending his tariffs after China threatened an additional $60 billion levied on American goods amid an escalating trade war between the two economic giants.

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China plans to slap additional tariffs on 5,207 categories of USA products with four levels of tariff rates - 25 percent, 20 percent, 10 percent and 5 percent.

Besides paying down the federal debt, Trump said tariff revenue would allow lower taxes on Americans, "At minimum, we will make much better Trade Deals for our country!"

"The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports", NPR's Brian Naylor reported.

"Regardless of a potential breakthrough, we believe that this Chinese trade fight will last well beyond the midterm elections as the reforms sought by the Trump Administration will be hard for China to accept and implement". Kudlow cited state subsidies and forced technology transfers as behaviours that the Trump administration wants China to end.

USA companies, meanwhile, are setting up measures in an attempt to offset the effects of the trade spat, including price hikes.

"Every country on earth wants to take wealth out of the U.S., always to our detriment", he tweeted.

The timing of Friday's announcement hinted at that conflict.

By contrast, the Chinese phone maker Huawei has just overtaken the United States brand Apple as the most purchased make of smartphone in the world.

US exports hit a record high in May as buyers stocked up on products before the tariffs. "Plants are opening all over the U.S., steelworkers are working again, and big dollars are flowing into our Treasury".

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