China Threatens New Tariffs On $60 Billion Worth Of US Goods

China threatens tariffs on $60 billion in US goods

Getty Images

Beijing has announced plans to slap import taxes targeting 5,207 American products worth $60 billion in retaliation to trade tariffs on Chinese goods imposed by the US.

The move is a response to the Trump administration's recent threat to raise the proposed tariff rate on an additional $200 billion worth of Chinese goods to 25% from 10%.

In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion.

China immediately vowed to retaliate, though at the same time urged the USA to act rationally and return to talks to resolve the dispute.

Speaking at a press conference on Friday, foreign ministry spokesman Geng Shuang said: "The Chinese side calls on the United States to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem". The move was meant to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

Trump receives new letter from Kim
Defense POW/MIA Accounting Agency, told reporters at an air base in South Korea before the remains were flown to Hawaii. Experts say that the painstaking identification process could take anywhere between days to decades to complete.

Days later, Washington unveiled a list of another $200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 per cent import duties.

The public comment period on the US tariffs aimed at $US200 billion ends on August 30 after public hearings August 20-23, according to the US Trade Representative's office.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."

The market is not large by value compared with the around $12 billion per year of USA crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal as part of its battle against smog.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

Latest News