China Plans Tariffs on $60 Billion of Imports to Counter Trump

  • China Plans Tariffs on $60 Billion of Imports to Counter Trump

China Plans Tariffs on $60 Billion of Imports to Counter Trump

China has announced that it will impose tariffs on an additional $60 billion of U.S. exports if the Trump administration goes ahead with its threat to strike a 25 percent levy on $200 billion worth of Chinese imports.

Lu Xiang, an expert on U.S.

The Trump administration tightened pressure for trade concessions from Beijing this week by proposing a higher 25% tariff on $200 billion worth of Chinese imports.

The minister added: "China has to take necessary countermeasures to defend its dignity and the interests of its people".

Trump announced a further round of 25 percent of tariffs June 15 on $50 billion worth of Chinese goods.

The Ministry said it would impose tariffs ranging from five to 25 per cent on Dollars 60 million worth of American products.

China on Friday announced its decision to impose additional tariffs of four different rates on 5,207 items of imported USA products worth 60 billion US dollars. "Instead of retaliating, China should address the long-standing concerns about its unfair trading practices", White House spokeswoman Sarah Sanders said in an emailed statement.

China's new four-level tariff policy targets different U.S. products and industries, Liu Shangxi, head of the Chinese Academy of Fiscal Sciences, told China Daily.

"The United States was allowed to get truly ripped off", Trump said earlier in the week. We are using them to negotiate fair trade deals and, if countries are still unwilling to negotiate, they will pay us vast sums of money in the form of Tariffs. "It is very early in the game, but definitely a negative effect".

"Tariffs have had a tremendous positive impact on our Steel Industry", he tweeted. "It's the more far-reaching, unintended consequences, which you don't always know at the beginning".

The proposed tariff increase poses big risks for both the US and global economy.

Trump has threatened to slap tariffs on virtually all of China's exports to the United States in the tit-for-tat trade conflict. "If they don't want to be taxed, let them make or build the product in the U.S. In either event, it means jobs and great wealth", the president tweeted Sunday.

President Donald Trump pauses during remarks at a campaign rally at Florida State Fairgrounds Expo Hall in Tampa, Florida.

Chinese leaders have offered to purchase more American goods, but rejected the U.S. request to change technology policies they see as a path to prosperity and global influence.

There's no end in sight, and the dispute could chill global trade and economic growth.

A dip in auto exports and rising oil prices in June drove the biggest increase in the United States trade deficit in 19 months, reversing much of May's export bonanza, the government reported Friday.

China's imports from the United States a year ago totaled $153.9 billion. The new list included more machinery and aerospace products.

Beijing's earlier round of tariffs appeared created to minimize the effect on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

President Donald Trump this week ordered officials to consider imposing a 25% tax on $200 billion worth of imported Chinese goods, up from an initial 10% rate. It will be September at the earliest before the US decides whether to impose those tariffs. It also warned that it could adopt further countermeasures at any time. Other emerging market economies will have no choice but to follow China's devaluation lead. China imported $130 billion in goods from the USA in 2017, according to U.S. figures.

Throughout all of this, the U.S. continues to criticise China's trade practices as "unfair" because of the domestic win-win relationship between central government and private producers.

The escalation has business leaders on both sides anxious about where this will end up. While census data shows that the... China's growing sweet tooth is seen as a big sales opportunity for global makers of cookies and chocolate bars like Mars and Hershey (HSY.N).