President Trump escalated his trade feud with China Monday night, threatening to impose tariffs of 10 percent on another $200 billion worth of Chinese goods.
"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the worldwide community", the ministry said in a statement on Tuesday.
"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices", the president said in a statement.
After listing 545 US products, worth $34 billion, on which it will impose a 25 percent import duty from July 6, China announced another list of 114 goods, worth $16 billion, on which it will impose a similar tariff, with the final measures and the time they go into effect to be announced later.
Then China followed suit, unveiling 25 per cent duties on US$50 billion in USA imports - matching the USA rates.
Trump said he has "an excellent relationship" with Chinese President Xi Jinping and they "will continue working together on many issues". That means things like tourism and education, industries from which the United States benefits a lot more than China does.
The decision stems from the conclusions of a Section 301 investigation launched in August that found that China's theft of intellectual property is costing the USA economy billions of dollars.
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The intellectual property sanctions were the latest in a spate of protectionist measures unveiled by Mr. Trump in recent months that included tariffs on steel and aluminum imports to the USA and a tough rhetoric on trade negotiations from North America to Asia.
In addition to the second set of tariffs, Trump also threatened to hit China with a third wave - an additional 10% on another $US200 billion worth of Chinese goods - if the Beijing rolled out their own wave of tariffs.
Analysts say the direct impact of those tariffs may be limited, especially for the United States economy, which is in a strong shape with the jobless rate at the lowest level since 2000 with limited inflationary pressure.
"The trade relationship between the United States and China must be much more equitable", Trump said.
Trump's comments come hours after the top United States diplomat accused China of engaging in "predatory economics 101" and an "unprecedented level of larceny" of intellectual property.
Earlier Monday, Secretary of State Mike Pompeo slammed China's trade practices as "predatory economics 101" and said statements by Beijing in recent weeks that it was moving to open its economy were "a joke". Rating agency ICRA had also recently said petroleum subsidy allocation of Rs 21,700 crore for 2018-19 would materially fall short by Rs 11,000-12,000 crore. "Let's be clear: It's the most predatory economic government that operates against the rest of the world today".
The dollar fell 0.75 percent to 109.715 yen JPY= following Trump's tariff comments. China has risen to the top of the list of importers of oil from the United States.