China Unveils Retaliatory Tariffs on $60b of US Goods in Latest Salvo
06 August, 2018, 02:25 | Author: Mary Valdez
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.
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.
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.
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