China Plans Tariffs on $60 Billion of U.S. Goods

China threatens tariffs on $60 billion in US goods

China threatens tariffs on $60 billion in US goods

While previously China issued retaliatory tariffs targeting USA goods in areas of the US where President Trump typically finds support, Friday's announcement from China did not identify which US goods would be hit with the $60 billion in new retaliatory tariffs.

Duties ranging from 5 per cent to 25 per cent will be levied on 5,207 kinds of American imports if the usa delivers its proposed taxes on another US$200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.

The tariffs would be imposed at four different tax rates, China's Ministry of Commerce said in a statement.

The US trade deficit - the gap between exports and imports - widened by 7.3% to $46.3bn in June.

The White House has responded by saying Beijing's threats are weak and that the Chinese economy is in trouble.

The escalating conflict between the White House and China shows no signs of abating.

Business groups have alleged that the trade threats lobbed by both countries are hurting consumers and businesses but doing little to address the root causes of the imbalance, particularly as both countries have halted formal discussions.

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The last time China was hit hard by growth fears, the shock waves rattled financial markets around the world, including in the U.S. In August 2015, the People's Bank of China stunned investors by lowering its target level for the yuan against the dollar, triggering a global selloff in stocks.

The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday. USA tariffs on another $16 billion worth of Chinese imports are set to be enacted at a later date.

Washington has vowed to take punitive measures to stop Beijing's Made in China 2025 industrial policy supporting domestic companies developing strategic advanced technologies, including robotics and artificial intelligence. China says if that happens, it will follow through with its taxes, which will range from 5% to 25%.

The dynamic has proved hard to change, given US consumers' reliance on Chinese goods.

While Trump has threatened to put import tariffs on European cars, Kudlow said the president's recent transatlantic visit had led to constructive talks with the EU.

The threats and counterthreats have stirred increasing unease from USA business and farm groups, which argue that they are the ones losing money and business based on all the new restrictions.

China immediately expanded its own list of types of US products to be tariffed, including farm products, cars and crude oil. China can not match that dollar for dollar, but it vowed to fight back using "qualitative and quantitative" measures.

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