China hits back at United States with $60bn tariff threat

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

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

The action could threaten the health of the USA economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the U.S., with the extra levies ranging from 5 to 25 per cent.

China is willing to resolve differences with the United States "on the basis of an equal footing and mutual respect", China's top diplomat said after meeting US Secretary of State Mike Pompeo.

The U.S. government is taking comments on a proposal to increase the tariff on Chinese imports from the current 10 percent rate up to 25 percent. That's a negligible amount for China, which imported 17 million tons total previous year, according to the US Census Bureau.

Experts said China has realized that retaliatory action would not persuade the U.S. President to stop his trade actions.

"Tariffs have had a tremendous positive impact on our Steel Industry", he tweeted.

The United States and China, the world's two biggest economies, have for months been engaged in an escalating trade dispute. "This is the main reason why we are seeing this uptrend in bankruptcies and uptrend in corporate bond defaults", Evans-Pritchard said.

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China is trying to seek an "equal" position in future talks with the US with Friday's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing. "These are the things we have asked them in a number of meetings".

This is false, and not how tariffs work.

The People's Daily editorial said the United States was "turning worldwide trade into a zero-sum game" in the hope of forcing China to make a tremendous compromise. Taken in totality, the new Chinese proposals will cover $60 billion in USA imports.

"[The] economy is now slowing and balance sheets are coming under strain after they tightened monetary policy previous year and pushed up borrowing costs". But they have rejected changing technology development plans they see as a path to prosperity and global influence. The difference is that while China is doing so in order to sell its products and thus gain a return on its investment, the USA is simply ploughing money into sectors partly ruined by its own foolish trading policies.

China's official newspaper on Monday accused the US President of acting like a street fighter by imposing import tariffs and said Beijing would not surrender to his "extortion".

In early rounds, the United States and China went threat for threat, matching $50 billion and then $100 billion salvos.

The new list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities are struggling to find enough imports their own economy can do without.

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"The politicians just watched as other countries stole our jobs, plundered our wealth and got the crown jewels of the American economy", he told supporters.

China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the U.S. - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments. A final decision on the tariffs isn't expected until September.

"China has to take necessary countermeasures to defend its dignity and the interests of its people, free trade and the multilateral system". That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

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

He predicted that the USA market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated.

And while America's trade deficit with Europe shrank in June, it grew with both Canada and China.

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