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

Share

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".

Share

Advertisement

Related Posts

Android P is coming on August 20: Evan Blass
If it's August 20th in the United States , it's likely going to be August 21 here in Australia that we see the announcement. Previous beta versions revealed that Android P will feature smart notifications, a redesigned notifications shade etc.

Militants attack refugee department in Afghanistan
A suicide bombing claimed by IS on a crowd of Afghan Sikhs and Hindus in Jalalabad on July 1 killed 19 people and wounded 21. It was a terrorist attack and security forces evacuated the director of the refugee department and many other employees.

Fortnite Mobile Won't Be Available on Google Play Store, EPIC Reveals Why
This stands in contrast to the iOS version of Fortnite , which is available to download right from Apple's App Store. Epic Games has made a decision to not distribute the game through the Google Play Store for financial reasons.

This is the Samsung Galaxy Note 9
It also mentions the Note's "all day battery", which it focused on in a teaser video last week. The phone will be able to hold up to 1TB of storage, thanks to a microSD slot.

Missing student's mother pleads with potential abductor
Police have ruled out Mollie Tibbett's boyfriend , Dalton Jack, as a possible suspect. Mollie was dog sitting alone at a home in Brooklyn, Iowa, when she disappeared .

Drake's "In My Feelings" video is here
Then at that point, the In My Feelings Challenge's originator Shiggy makes a cameo appearance, before the most famous clips from the challenge play out.

Trump EPA to Roll Back Back Obama-Era Gas Mileage Standards
Reforming Corporate Average Fuel Economy (CAFE) standards is a huge tax cut for American auto buyers, up to a $7,200 per vehicle. The states that have adopted California's emission rules together make up about one third of the US auto market.

ALF reboot in development
The original ALF series centered on the Tanner family, who was portrayed as an average American family living in California. The four seasons of the series - a total of 102 episodes - were broadcast by NBC in the United States from 1986 to 1990.

Huawei overtakes Apple to become the second largest smartphone vendor
The data refers to the second quarter of the year, when Apple sold 41 million smartphones , growing one percent year-on-year. However, the South Korean company shipped fewer devices compared to Q1 2018, when it shipped 78 million smartphones.

China unveils additional retaliatory tariffs on $60bn of USA goods
The step is reportedly being considered by the White House in order to narrow the trade deficit between the USA and China. The United States and China implemented tariffs on $34 billion worth of each others' goods in July.

© 2015 ExpressNewsline. All Rights reserved.