China announces $60 billion of USA goods for tariff retaliation

China threatens tariffs on $60 billion in US goods

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The Chinese government on Friday revealed plans to levy duties of 25, 20, 10 and five per cent on American products worth up to 60 billion dollars, unless Washington withholds its sanctions on up to 200 billion dollars worth of Chinese goods.

March 15: President Trump signed an executive order to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum imports from China and several other countries.

A spokesperson from the Ministry of Commerce said the date of implementation of the tariff measures will depend on the actions of the United States, and China reserves the right to introduce other countermeasures.

In response to Donald Trump's indication that he would raise tariffs on over $200 billion of Chinese imports from 10% to 25%, Beijing in return stated that it is preparing retaliatory measures for tariffs on 5,207 different United States imports to China at variable tariff rates ranging from 5% to 25%. Over time, USA companies are likely to switch suppliers or change their products to use less of the higher-costing goods, but that doesn't happen right away.

China then retaliatedwith a threat on Friday to hit $US60 billion worth of United States exports to China, with tariffs ranging from 5% to 25%.

The latest Chinese tariffs would, if implemented, be up to 25 percent, and cover 5,207 tariff categories, the country's commerce ministry said in a statement on its website.

"The White House's extreme pressure and blackmail are already clear to the global community", said a state television commentary.

"We are willing to resolve the concerns of both sides via talks on the basis of an equal footing and mutual respect". "China has to take necessary countermeasures to defend its dignity and the interests of its people". Among the most critical targets are aircraft and liquefied natural gas (LNG).

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The ministry reiterated that since the USA has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world.

USA exports hit a record high in May as buyers stocked up on products before the tariffs.

Speaking on the sidelines of a security forum in Singapore, he hit back at Mr Kudlow's remarks: "As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Mr Wang said, adding that China contributed a huge amount to global economic growth.

The ministry also said that the United States measures violated the World Trade Organization rules and damaged China's interests. One problem: America's trade deficit jumped 7 percent in June, according to the most recent data.

The US trade deficit increased in June, to $46.3 billion (R615 billion) from $43.2 billion in May, according to the US Census Bureau. Beijing accused the United States of starting a trade war.

The White House initially announced tariffs - 25 percent on steel and 10 percent on aluminum - arguing they would protect US companies and allow for the creation of new manufacturing plants - key Trump promises in the 2016 presidential campaign.

Most economists predict the uptick in the trade gap will increase over the rest of the year, Marketwatch reports.

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