China Unveils Retaliatory Tariffs on $60b of US Goods in Latest Salvo

06 August, 2018, 02:25 | Author: Mary Valdez
  • China threatens tariffs on $60 billion in US goods

As the numbers were released, Beijing warned it was ready to impose new tariffs on $60 billion in American products if Trump pressed ahead with plans to hit another $200 billion in Chinese goods with steep punitive duties.

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

"China's differential tax rate countermeasures are rational and restrained", the Ministry of Commerce said in a separate statement on its website.

On March 1, President Donald Trump announced that the USA would be slapping a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports.

An afternoon recap of the day's most important business news, delivered weekdays.

April 2: China imposed tariffs between 15 percent and 25 percent on 128 USA products worth a total of $3 billion.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices", Sarah Sanders, White House press secretary, said on Friday.

Other US goods targeted by China in the latest list include semiconductors, some helicopters, small-to-mid-sized aircraft, iron ore, steel products, roasted coffee, sugar, foods containing chocolate, candies, and even auto windscreens.

The Post reported that China and the U.S. held unofficial talks last week but a deep and mutual distrust continues to hamper efforts to de-escalate their trade dispute. Last year, China had imported about $130 billion of USA goods.

Livescore: Result of Manchester United vs Bayern Munich
United ended their preparations for the new season in uninspiring fashion, struggling to threaten Manuel Neuer's goal. Anthony Martial could remain at Manchester United this season, according to the Mirror .

Man Arrested After Taunting Bison At Yellowstone National Park
Park regulations require people to remain at least 25 yards from animals like bison and elk and 100 yards from bears and wolves. Hancock, who was among a crowd of people that approached within 10 yards of the bison, was treated for a hip injury.

Judge speaks out after ordering man's mouth taped shut during sentencing
As Williams was in contempt of court, Russo was well within his legal rights to order Williams to be gagged in the courtroom. According to Metro News , Williams continued to protest, saying: 'But you're not letting me tell you what's going on.

In a statement released on its website the ministry said the tariffs were necessary because the United States side has "repeatedly escalated the situation despite the interests of both enterprises and consumers". It would become another factor for the Federal Reserve to consider as it decides how quickly to raise interest rates.

Jaguar Land Rover, the UK's biggest vehicle firm, also recently reported a loss for the first time in three years after sales slowed down in China.

The White House has responded by saying Beijing's threats are weak and that the Chinese economy is in trouble. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

Throughout all of this, the USA continues to criticise China's trade practices as "unfair" because of the domestic win-win relationship between central government and private producers.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.

Last month, Trump threatened to impose tariffs on all goods imported from China.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

President Donald Trump blames the practices for putting United States companies at a disadvantage and helping to create a trade deficit.

The U.S. has imposed tariffs targeting aerospace, robotics and other forms of technology, while China retaliated with tariffs on agricultural products, seafood and cars, among other things.

Recommended:



Popular

Oil supported as new hedges placed, but rising global…
US President Donald Trump's decision to pull out of an global nuclear deal and reimpose sanctions on Iran has angered Tehran. The kingdom's oil production grew by 230,000 barrels a day in July, to 10.65 million barrels per day.

Canada's monthly trade deficit shrinks in June to smallest since January 2017
The data underscored the importance to Canada of the United States, which took 73.0 percent of all Canadian goods exports in June. Rising demand by USA households and businesses is expected to keep supporting purchases of foreign-made goods in coming months.

Manchester United's move for Barcelona's Yerry Mina cancelled
Manchester United target Toby Alderweireld is unlikely to remain at Tottenham Hotspur , reporter Michael Bridge has claimed . With the two Premier League clubs having rescinded their offers, it now leaves Mina with no suitors at the current time.

US government responsible for finding parents of separated children: judge
Bush appointee who has a mild and straightforward manner on the bench, has not threatened the government with any sanctions. The ACLU has asked that parents, once reunited with their children, have a week to decide whether they want to seek asylum.

Islamist Hamas leaders meet in Gaza amid truce reports
The Kerem Shalom border crossing would then be opened, allowing the transfer of essential supplies from Israel to Gaza. Palestinian protesters at the Israel-Gaza border, in Khan Yunis in the southern Gaza Strip, on August 3, 2018.

Foodora condemned for closing Australian operation during back pay dispute
Foodora denied the accusations, noting it was divesting its interests in France, Italy and the Netherlands at the same time. Most people are attracted to the freedom and flexibility of the gig economy, but these five factors may change your mind.

Manchester City thought Jorginho deal was done, says Pep Guardiola
Manchester City manager Pep Guardiola admits that his side have no momentum going into this weekend's Community Shield clash. Eden Hazard has sought permission from Maurizio Sarri to report for duty at Chelsea a day later than scheduled .

Athletes, fans slam Donald Trump for insulting LeBron James
The Lebron James Family Foundation is partnering with Akron (Ohio ) Public Schools, is for "students in Akron who need it most ". He was responding to remarks by then-Cavs star James and Curry, who both said they would not attend a White House reception.

Beijing proposes drills with SE Asia
At a news conference later, Wang said: "We believe that without any disturbances from the outside, COC consultations will accelerate".

Sunita Williams, 8 others to fly on Boeing, SpaceX spacecraft
The capsules, made by SpaceX and Boeing , will ferry the astronauts and cargo back and forth to the International Space Station. They were two of the four astronauts selected by NASA in July 2015 to be trained to fly commercial crew missions.