China unveils additional retaliatory tariffs on $60bn of United States goods

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Beijing warned on Friday that it was prepared to impose new tariffs on $60 billion worth of USA goods if Washington ups the ante in the escalating U.S. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year.

"China is in trouble right now - their economy is lousy, investors are walking out, the currency is falling", he added.

Trump stood outside the White House a week ago and declared victory that he had reduced the trade deficit in the spring, but the figure he was using to make that claim was that there was a slight reduction in the trade deficit from the first quarter of this year to the second quarter.

On Wednesday, President Donald Trump ordered U.S. Trade Representative Robert Lighthizer to consider raising proposed tariffs on an additional $200 billion of Chinese products from 10% to 25%.

The two countries have not had formal trade talks since early June.

The trade war between the two superpowers has escalated in recent months after Donald Trump's administration imposed tariffs on $34bn of Chinese goods in July.

Making fun of Trump's economic ignorance and contradictory claims isn't very enjoyable when you realize that his sole policy impulse in dealing with growing trade balances is likely to be a doubling or tripling down on tariffs and other trade barriers.

"The politicians just watched as other countries stole our jobs, plundered our wealth and got the crown jewels of the American economy", he told supporters.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

In an editorial on Wednesday, the state-run China Daily called the US' move "gangsterism", and said it showed the U.S. had no qualms about squeezing as much as it could from trade partners.

"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences", the Chinese commerce ministry said.

A statement said: "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".

The statement said the date of implementation of the taxes will depend on the "actions of the U.S. side" and China reserves the right to apply "other countermeasures".

China says if that happens, it will follow through with its taxes, which will range from 5% to 25%.

The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without.

"The Chinese are also coping by lowering the rate of the yuan, while the USA can look towards countries in Southeast Asia as replacements for its imports, so it's not a big issue".

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