China ready to levy new duties if U.S. escalates trade war

08 August, 2018, 20:59 | Author: Sally Reid
  • China threatens tariffs on $60 billion in US goods

Even so, US President Donald Trump is insisting his tariffs on imports from China are working, taking to Twitter at the weekend to write: "Tariffs are working far better than anyone ever anticipated".

While China says the "final measure and effective time will be announced separately", the proposed new list threatens a 25% tariff on 312 lines of yarn and fabric.

For example, he claimed that China was financing advertisements to convince Americans to stop Mr Trump's trade agenda. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already said it will match immediately.

Among US products targeted in the latest Chinese salvo were a wide range of agricultural and energy products, including liquefied natural gas.

Including the new tariffs already in force, China has now identified nearly 6,000 items for higher import taxes, including liquid natural gas, soybeans, and other products.

The US bilateral trade deficits also expanded with China, the European Union, Canada and Mexico - all of which have retaliated against Trump's aggressive tariffs.

He also said China was "for the first time doing poorly against us".

China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the U.S. - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments.

China's decision to threaten $60 billion of USA goods is the first time this year that Beijing has not tried to match D.C.'s tariffs dollar for dollar.

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China's surplus with the USA swelled to a record in June as exports continued to rise, though signs of front-loading orders suggest the spike may have been a one-off. USA businesses either eat that extra cost or pass it along to consumers.

Late on Friday, 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 five to 25 percent on a total value of goods less than half of that proposed by U.S. President Donald Trump's administration.

Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods.

Within hours, White House economic adviser Larry Kudlow promised Trump wouldn't back down until China changed its trade practices.

The yuan extended gains following a rally triggered by a surprise China central bank move to make it more expensive to bet against the currency.

"The trade war is a tactic by Trump, but if it eventually evolves into a strategic confrontation, the result will undoubtedly be disastrous", he said.

The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit. "Likewise other countries. We are Winning, but must be strong!"

As many as 5,207 U.S. products, including meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts were listed by China to be targeted for the "safeguard its own legitimate interests".

The ministry reiterated that since the U.S. has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world.

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