China won't accept U.S. trade 'blackmail' - state media

Here's Why Trump Is Hiking Chinese Tariffs To 25%

China threatens tariffs on $60 billion in US goods

In early July, the United States imposed 25 per cent tariffs on US$34 billion of Chinese goods, with another US$16 billion to be targeted in coming weeks, sparking retaliatory measures from China.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers. Neither side is showing any sign of backing down.

The result could weigh on revised calculations of second quarter growth, which President Donald Trump hailed as a key The US bilateral trade deficits also expanded with China, the European Union, Canada and Mexico achievement of his economic policies last week after it was reported as the strongest GDP increase in almost four years.

Then in the first follow-up tweet, he added: "Tariffs have had a tremendous positive impact on our Steel Industry".

Trump initially proposed 10 percent tariffs on an additional $200 billion of Chinese imports, but he told trade officials this week to consider raising that to 25 percent.

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But as is common with his Twitter posts, some of his claims were either unproven or incorrect. In negotiations with China, Trump's major request was a massive reduction in the bilateral trade deficit.

"We've been ripped off by China for a long time", Trump declared during the interview. It said retaliatory duties of between 5 and 25 percent will be imposed on 5,207 products "if the US side persists in putting its tariff measures into effect".

President Donald Trump's administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union. The deficit had narrowed in previous months as companies rushed out exports to beat the imposition of tariffs.

According to new data, the U.S. trade deficit is growing despite Trump's tariffs. "We win either way". "Plants are opening all over the United States, steelworkers are working again, and big dollars are flowing into our Treasury". Not actual tariffs, in other words, but to get Trump to retract his threat to perhaps introduce them. Rather, the USA importers bringing the products into the United States pay the tariffs. "So, this unifies NAFTA and U.S. -Europe, Australia, Japan - China is increasingly isolated with a weak economy". On Friday, the Ministry of Commerce described its planned response: four different types of tariffs on $60 billion of us goods.

But Trump raised the stakes this week with his threat to lift the tariff rate. They have to look past the fact that the Trump administration's only completed agreement on trade, the one it made with South Korea, involved getting that country to accept quotas on how much steel it can sell to Americans.

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July 6: Tariffs promised on June 17 and June 18 took effect in both directions.

Liu said China's move is aiming to offset potential negative influences on domestic economic growth and stabilize market sentiment.

Donald Trump, right, listens to Larry Kudlow, his chief economic adviser, on the lawn of the White House in July.

Trump has at times said he likes this idea, and some White House officials had hoped that this might cool conservative angst in Congress.

The president also tweeted today that the news media "purposely cause great division & distrust".

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