China says it will retaliate with tariffs on $60B of United States goods

06 August, 2018, 08:00 | Author: Charlene Valdez
  • President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China

If China follows through on the threat, almost 90% of all United States goods heading to China will be subject to tariffs.

The United States and China implemented tariffs on $34 billion worth of each others' goods in July. It said retaliatory duties of between 5 and 25 percent will be imposed on 5,207 products "if the USA side persists in putting its tariff measures into effect".

China's foreign minister said Saturday (Aug 4) that his country's threat to impose retaliatory tariffs on US$60 billion of American goods in an escalating trade spat was "fully justified".

The US tariffs now in place or threatened add up to nearly half of the value of goods it imported from China a year ago.

In a statement, the Commerce Ministry said China could add duties of 5, 10, 20 or 25 percent on 5,207 types of US imports.

Prior to approval of the duties took place one and a half hour meeting of senior White house officials, officials of the USA administration who are responsible for national security issues, as well as representatives of the Ministry of Finance and the Ministry of Commerce of the United States.

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More from Bloomberg.com: U.S. "That's not a good place for them to be vis-a-vis the trade negotiations", according to Kudlow, who is director of the National Economic Council.

There is no evidence that the Chinese government is financing an advertising campaign in the United States to convince USA politicians that Trump's approach is wrong.

This could drive USA importers to stop bringing in certain goods because they are too costly, hurting the foreign manufacturers, but those foreign companies do not pay the tariffs, and neither do the foreign countries where those companies are based. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

It should be noted that today China's stock market gave ground to the Japanese stock market because of duties imposed by the administration of Donald trump.

The Twitter posts came one day after China vowed to impose steep tariffs on US$60 billion in United States exports in retaliation to large tariffs that Mr Trump is considering on US$200 billion in Chinese exports.

"Don't underestimate President Trump's determination to follow through". The president is not about to back down.

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In a series of Twitter posts over the weekend, he said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States.

The result is that both China and the USA are now using government funds to stimulate areas of the economy.

Kudlow added: "We will not let China steal our technology". He has begun serious discussions with the European Union to potentially reduce some tariffs, but his battle with China shows no sign of ebbing.

In light of the possible increase of the additional duty rate to 25 percent, the US Trade Representative said that the close of the written comment period has been extended from August 30 to September 5, and the due date for requests to appear at the public hearing is extended to August 13.

Still, two senior diplomats did meet earlier on Friday, on the sidelines of a regional summit in Singapore. The US S&P 500 index, a broad measure of major US companies, has yet to regain highs made in January, just before the escalation of trade tensions initiated by the US.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Chinese Commerce Ministry said in its statement.

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China has now imposed or proposed tariffs on £85bn ($110bn) in U.S. goods.

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