"Don't Underestimate Trump": US After China Threatens Retaliatory Tariffs

US trade representative Robert Lighthizer. China upped the ante on Thursday in response to the Trump administration’s latest move

US trade representative Robert Lighthizer. China upped the ante on Thursday in response to the Trump administration’s latest move

China will impose differentiated tariffs on $60 billion in USA goods if the United States presses ahead with its latest trade threats, Beijing warned Friday.

The move is a response to the Trump administration's recent threat to raise the proposed tariff rate on an additional $200 billion worth of Chinese goods to 25% from 10%.

"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences", the commerce ministry said.

The US and China implemented tariffs on $46 billion worth of each others' goods in July.

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"Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".

The ministry also said the U.S. measures violated World Trade Organisation rules and damaged China's interests.

But Kudlow's toughest words came about the Chinese economy itself, which is second only to the United States.

The U.S. hit back with tariffs on 1,300 Chinese goods worth $50 billion.

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"China is in trouble right now - their economy is lousy, investors are walking out, the currency is falling", Kudlow said, in an unusually strong condemnation of a trading partner.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent. "I noticed today that Japan's stock market is now worth more than China's - I love that", he told journalists at the White House.

The public comment period on the US tariffs aimed at $US200 billion ends on August 30 after public hearings August 20-23, according to the US Trade Representative's office.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers".

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