Trump, China trade war, tariffs

China announces tariff retaliation list targets $60 billion of U.S. goods

Workers at a swimwear factory in Yinglin Town in Jinjiang in China's eastern Fujian Province

Trump, in a series of Twitter posts before an OH campaign rally, said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States.

Beijing said that it would retaliate with import duties on thousands of American products, including aircraft and liquified natural gas, if President Trump moved forward with plans to target Chinese goods worth $200 billion with a 25 per cent levy.

The Chinese finance ministry said 5,207 goods imported from the United States could be subjected to the fresh tariffs, with levies ranging from 5% to 25% on products including aircraft, soya bean oil, smoked beef, coffee and flour.

China has already filed a complaint with the World Trade Organization about the USA proposal for tariffs on $200 billion worth of goods.

China's latest restrained tariff measure against the United States is rational, and aims to safeguard the multilateral trading system, experts said. He also suggested duties would enable the United States to reduce "large amounts of the $21 trillion in debt that has been accumulated" and to reduce taxes for Americans.

China today announced a $60 billion list of us goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat. Rather, the US importers bringing the products into the United States pay the tariffs.

"Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people". Research later conducted on those tariffs found they negatively impacted employment and the US economy.

Washington imposed 25 per cent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology. A 20 percent tariff will apply to more than 1,000 items, including chemicals and paper.

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China signaled Friday that it has no intention of retreating from a trade war.

Duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of imports from America if the US 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 immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil.

The Trump administration is bracing for the impact of lingering trade friction.

Trump has accused China of pursuing unfair trading practices and stealing American firms' intellectual property, while using import tariffs to push Beijing towards renegotiating its trade policy with the US.

"We remain extremely concerned about the potential volatility between now and a breakthrough, especially as both sides are more inclined to elevate tension than blink", Mills said.

At a time when China is opening its domestic market to more foreign trade and investment than at any time in China's modern history, policy makers in Beijing have opted to retaliate against America's ongoing tariff onslaught in a manner that will force United States producers to apprehend the reality that in a prolonged trade war of Washington's own making, U.S. industries will be the penultimate victims.

The dispute is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

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