China threatens new tariffs on $60bn worth of USA goods

Here's Why Trump Is Hiking Chinese Tariffs To 25%

China threatens tariffs on $60 billion in US goods

The White House had previously asked the Office of the United States Trade Representative about the possibility of imposing a 10% tariff on $200 billion worth of Chinese goods.

Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.

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". China's one-party system gives President Xi Jinping several advantages in a trade war, such as the ability to control the nation's media, Selig said.

China is trying to seek an "equal" position in future talks with the USA with Friday's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing. Every country on earth wants to take wealth out of the US, always to our detriment. Research later conducted on those tariffs found they negatively impacted employment and the US economy.

The trade deficit with China rose by nearly 1% to $33.5bn.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.

The rising tensions have weighed on Chinese stock and currency markets, with the Chinese yuan falling against the dollar.

The U.S. and European Union are working to form a "united front" against China that could soon expand, President Donald Trump's top economic aide said Friday.

"We've been ripped off by China for a long time", Trump declared during the interview. "He is going to stand tough". The president is not about to back down.

In addition to Beijing's top-down control, the recent diversification of China's economy and its exports makes the country better positioned to endure a trade war now than it could have in the past, NPR's Jim Zarroli reports.

European and United States vehicle companies are also responding by increasing prices in China.

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Third, it is demanding stringent limits and reductions in China's current policy requiring U.S. nextgen technology transfer from United States businesses operating in China.

China, however, shows no sign of bending to Washington's pressure. USA manufacturers are considering expanding outside the country to avoid the widening trade conflict, according to the Institute for Supply Management's July survey.

The Post reported that China and the USA held unofficial talks last week but a deep and mutual distrust continues to hamper efforts to de-escalate their trade dispute. The news came just after U.S. Secretary of State Mike Pompeo met with Chinese Foreign Minister Wang Yi in Singapore.

Meanwhile, Chinese state TV said: "The White House's extreme pressure and blackmail are already clear to the worldwide community". The refusal by Beijing's anti-trust regulators to approve the deal effectively made Qualcomm the first casualty of the trade dispute, even though China said it had nothing to do with the issue. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington.

U.S. President Donald Trump takes part in a welcoming ceremony with China's President Xi Jinping on November 9, 2017, in Beijing.

The two countries engage in the trade of goods and services to the tune in excess of 650 billion dollars each year, the highest of any two countries in the world.

But we didn't need to place tariffs on steel and aluminum, in the process inflicting damage on the many American companies that use steel and aluminum in making their own products, to get Europe to the table.

Second, the US wants China to purchase at least $100 billion more in US goods, mostly from Midwest US agribusiness and manufacturing.

China listed 5,207 USA products that it would target in an effort to "safeguard its own legitimate interests". China sells goods each year to the United States worth almost four times as much as it buys. China's growing sweet tooth is seen as a big sales opportunity for worldwide makers of cookies and chocolate bars like Mars and Hershey (HSY.N).

Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent.

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