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"Don't Underestimate Trump": US After China Threatens Retaliatory Tariffs

03 August, 2018, 21:58 | Author: Shawna Walton

China on Friday 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.

The Finance Ministry on Friday accused the Trump administration of damaging the global economy after it proposed imposing 25 per cent duties on $200 billion of Chinese products in a dispute over Beijing's technology policy.

"China has made full preparation for the USA threats to escalate the trade war, and will have to retaliate to defend national pride and the people's interests", the ministry said in a statement day on its website.

China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of China's annual imports of American products.

President Donald Trump has called out China for unfair trading practices, theft of us intellectual property, and a massive USA trade deficit with China.

Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

Calling the Chinese economy weak from the lawn of the White House in an interview with Bloomberg TV, Kudlow said: "The president has said time and again, that targeted tariffs are going to be part of the gameplan with China - unless, and until, they begin to meet our requests, and so far they have not".

China has said new duties will be applied only if Washington pulls the trigger on its new tariffs.

Still, two senior diplomats met earlier on Friday on the sidelines of a regional summit in Singapore.

"Foreign investors don't want to be in China".

Speaking on the sidelines of a meeting with Asean foreign ministers, Wang said pressure from the United States would not have any impact on any trade negotiations.

"How can talks take place under this pressure?", he added.

The market is not large by value compared with the around $16 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 ofhouseholds to the fuel away from coal as part of its battle against smog.

Morgan Stanley has estimated annual Chinese imports of U.S. LNG could rise to as much as $9 billion within two or three years, from $1 billion in 2017. The USTR said it will extend a public comment period for the US$200 billion list to Sept 5 from Aug 30 due to the possible tariff rate rise. Helicopters with an empty weight of less than 2 tonnes were also on that list.

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