China threatens tariffs on $60 billion in U.S. goods

Donald Trump

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The proposed tariffs could not take effect before September, and no decision has been made, the officials said.

It's the first time the fuel has been ensnared by the expanding trade war and billions of USA dollars may hang in the balance. "China is not delivering, OK?"

"They better not underestimate President Trump's determination to follow through on our asks". China's market declines weaken the country's bargaining power in the escalating trade war, he said.

In July, the United States and China slapped $34 billion worth of tariffs on each other's goods.

The Chinese finance ministry said 5,207 goods imported from the USA 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.

The retaliation stands to further inflame tensions between the world's two biggest economies.

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Washington's 10% tariffs, announced last month, were, the USA administration said, China's own retaliatory move to impose tariffs on United States goods to the same value.

A top adviser to US President Donald Trump said the newly proposed tariffs were not as severe as the White House had been bracing for, and he warned China not to test Trump's resolve.

A spokesman for China's foreign ministry appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks. China recently threatened to slap retaliatory tariffs on an additional $60 billion in us goods.

After talks between Washington and Beijing broke down in May, some see this as the Trump administration's way of forcing China back to the negotiating table.

Workers at a swimwear factory in Yinglin town in Jinjiang, in China's eastern Fujian Province.

The highest penalties on China's new list would be imposed on honey, vegetables, mushrooms and industrial chemicals, targeting farming and mining areas that supported Trump in the 2016 election.

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The list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports that wouldn't disrupt their own economy. But nothing hit as hard and quickly as the rapidly escalating trade war with the U.S. In fact, some argue that a larger trade deficit actually displays signs of a stronger USA economy.

Trump's desire for others to play along with his drama is "wishful thinking", a commentary on the paper's front page said, arguing that the United States had escalated trade friction with China and turned global trade into a "zero-sum game". The president has imposed tariffs on $85 billion worth of foreign goods so far, meaning that, at most, his tariffs would raise about $21 billion, a minuscule percentage (0.1 percent) of the debt.

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.

US Treasury Secretary Steven Mnuchin called China's Vice-Premier Liu He last week in a bid to persuade Beijing to approve US chip maker Qualcomm's takeover deal of Netherlands-based NXP Semiconductors, the Post reported. From Apple to General Motors, a long list of large USA enterprises have transferred extensive operations to China and could be vulnerable to any response from Beijing.

Still, in response to Trump's tariffs, China retaliated with a 25 percent tariff on soybeans. China has denied violating worldwide trade norms.

The timing of Friday's announcement hinted at that conflict.

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The exchange of barbs between the two sides follows the release late Friday in Beijing of a tariff list created to retaliate against the US threat to impose new duties on $200 billion of Chinese imports.

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