China threatens new tariffs on $60bn worth of USA goods

Oscar PerryAug 04, 2018

It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect". On Friday Kudlow issued a stark warning to China.

White House chief economic adviser Larry Kudlow warned China not to underestimate President Donald Trump. He said the Chinese economy was not strong enough to withstand a lengthy fight.

Beijing has threatened to levy additional tariffs of between 5 per cent and 25 per cent on US$60 billion (S$82 billion) worth of U.S. goods, a signal that it is not backing down in the trade war with the United States.

Economists have warned that the tit-for-tat import duties, which have unsettled the USA stock market, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth.

Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details".

There are signs that his approach is not working the way he intended.

Trump has threatened to slap tariffs on virtually all of China's exports to the United States.

Friday's threat is the latest in a long list of actions and threats taken by both countries this year.

But Mr. Trump raised the stakes this week by asking the U.S. Trade Representative to consider increasing the proposed tariffs on the $200 billion worth of goods to 25%.

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China has once again threatened to slap retaliatory tariffs against the United States in response to the Trump administration's trade policies, this time targeting $60 billion in USA imports with tariffs ranging from 5 percent to as high as 25 percent. But White House officials said formal talks between the countries have mostly lapsed as the economic restrictions have hardened. Beijing accused the United States of starting a trade war.

"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.

Although Kudlow called China intransigent, he said there were hints of both sides being able to get back around the negotiating table.

Trump has accused China of stealing US intellectual property, manipulating its own currency and taking other steps that give its firms an unfair competitive advantage over USA companies.

A first round of tariffs came into effect on 6 July, when the United States imposed 25% taxes on $34bn of Chinese imports. China can not match that dollar for dollar, but it vowed to fight back using "qualitative and quantitative" measures.

But farmers aren't the only casualties of the trade battle.

The Chinese commerce ministry blamed the United States for escalating the situation.

"The U.S. gas industry will be much harder hit by this as China imports only a small volume whereas U.S. suppliers see China as a major future market". That threat is part of efforts to make it more painful for China "to continue their bad practices than it is to reform", US Commerce Secretary Wilbur Ross said Thursday on Fox Business Network.

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