China hits back at United States with $60bn tariff threat

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China hits back at United States with $60bn tariff threat

As President Donald Trump uses his tariff's leverage to work to something closer to reciprocal trade with producing economies like China, he trumpeted "tariffs are working big time" and can help pay down the national debt ru up by the past administration.

"China's economy is much less dependent on trade now and on trade with the USA than it used to be", says Linda Lim, a professor of corporate strategy and worldwide business at the University of MI, told Zarroli.

The US trade deficit - the gap between exports and imports - widened by 7.3% to $46.3bn in June. "China is not delivering, OK?"

Speaking just hours after China unveiled the countermeasures on Friday, Larry Kudlow, Trump's chief economic adviser, said the USA president was willing to follow through with his threats, in a stark warning to Beijing.

"Their economy's weak, their currency is weak, people are leaving the country".

The advocacy group Farmers for Free Trade said "more soy products" are on China's list for the additional tariffs.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices, many of which are laid out in USTRs 301 report", Sanders told Breitbart News in a response to news of the $60 billion in Chinese retaliatory tariffs on USA goods.

The president has also imposed steel and import tariffs on several important trading partners, including the EU, Mexico and Canada, saying they are required to protect American jobs and industry.

The United States and China are in an escalating trade war in which the two sides have already imposed tariffs on roughly $50 billion of each other's goods and which has raised tension between the world's two largest economies.

Reportedly, Trump claimed on June 15, that the USA would introduce tariffs by 25 percent for imported from China commodities.

A Chinese Foreign Ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute.

Beijing said that it would retaliate with import duties on thousands of American products, including aircraft and liquified natural gas, if President Trump moved forward with plans to target Chinese goods worth $200 billion with a 25 per cent levy.

This could drive US importers to stop bringing in certain goods because they are too costly, hurting the foreign manufacturers, but those foreign companies do not pay the tariffs, and neither do the foreign countries where those companies are based. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

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

Still, despite the data, Trump reiterated in a tweet Sunday that his tariffs are working "big time".

USA and Chinese officials have held "hardly any conversations" in the past month, but there's "some hint" the Chinese may be warming to the idea of negotiations, Kudlow said.

Mr Trump told supporters on Saturday that playing hardball on trade is "my thing".

After months of economic tensions, the US and China are continuing trade talks, said President Trump, who on Saturday touted the effectiveness of tariffs in a series of tweets.

China has now either imposed or proposed tariffs on $110 billion of U.S. goods, representing the vast majority of China's annual imports of American products.

Signalling the nation's readiness to respond to higher tariffs threatened by Donald Trump on $200bn of Chinese imports, officials in Beijing said countermeasures were ready and waiting for the next move from Washington.

The threat comes as the USA has increased rhetoric about the dispute.

"It's more proportionate", Tu said. China immediately retaliated by imposing levies on the same amount of USA goods. "Obviously, the USA tariffs won't help and they are going to cause some damage", he said.

"The US measures are indiscriminately violating the relevant rules and global obligations of the World Trade Organization, further infringing on the legitimate rights and interests enjoyed by China in accordance with the rules of the World Trade Organization, and seriously threatening China's economic interests and security", China's Ministry of Commerce said. China has denied violating worldwide trade norms. But nothing hit as hard and quickly as the rapidly escalating trade war with the U.S. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis", the analyst said.

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.

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