President Donald Trump and his administration have repeatedly called on China to stop unfair trading practices, stop technology and intellectual property theft, and for a decrease in the US trade deficit with the China.
Trump initially proposed 10 percent tariffs on an additional $200 billion of Chinese imports, but he told trade officials this week to consider raising that to 25 percent. It said retaliatory duties of 25 per cent, 20 per cent, 10 per cent or 5 per cent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect".
The new China tariffs on the US will impact metals, chemicals, and agriculture-related items.
According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the usa had "repeatedly escalated the situation against the interests of both enterprises and consumers".
Retaliatory tariffs were necessary, China says, to "defend the dignity of the country and interests of its people" as well as "the mutual interest of all the countries in the world".
Instead, U.S. coal exports to China appear to be trending lower, with about 336,000 tonnes booked for arrival on four vessels in August - down from the peak this year of 505,300 tonnes on seven ships in April, and also below the average of 365,000 tonnes for the first seven months of the year. Those tariffs have already started to affect some businesses, though only a small fraction of the USA economy is experiencing consequences.
FILE - White House National Economic Council Director Larry Kudlow speaks with reporters at the White House in Washington, June 27, 2018.
China today announced a $60 billion list of USA goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.
"They better not underestimate President Trump's determination to follow through on our asks".
The latest tariffs come as the trade war continues to escalate and Mr Trump attempts to force Xi Jining's government to change its practices.
The statement said the date of implementation of the taxes will depend on the "actions of the USA side" and China reserves the right to apply "other countermeasures".
That may sound like small change in the overall context of USA trade with China.
The Chinese Ministry of Commerce said it was "forced to do act" after Trump's threat earlier last week to raise a proposed tariff rate on US$200 billion worth of Chinese goods from 10 per cent to 25 per cent. Cheniere, Tellurian Inc. and other LNG developers have been courting utilities and state-backed companies in China to fund construction of more terminals to ship the super-chilled form of the gas.
Concerns about the trade war have already affected China's currency, which has fallen nearly 9% against the dollar since April.
Yet while the Chinese public and private sectors invest in one another based on the principles of the cyclically prosperous market socialist model, the USA is now being forced to subsidise (aka pay) its own farmers whose industry has been partly stagnated during the early stages of the trade war on China.
China immediately vowed to retaliate, though at the same time urged the USA to act rationally and return to talks to resolve the dispute.
This prompted an imposition of taxes on Chinese steel and aluminium imports. "Considering the unreasonable USA demands, a trade war is an act that aims to crush China's economic sovereignty, trying to force China to be a US economic vassal".
The People's Daily editorial said the USA was "turning global trade into a zero-sum game" in the hope of forcing China to make a tremendous compromise.
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.
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