Finance

China proposes retaliatory tariffs on $60B of US products

China proposes retaliatory tariffs on $60B of US products

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. And U.S. pork and recycled aluminum was hit with a 25 percent tariff.

Trump's tariffs target goods the White House says benefit from industrial policies that China's trading partners say violate its market-opening pledges.

The People's Bank of China earlier in the day was forced to step in to prop up the yuan, imposing restrictions that make it more expensive to short-sell, after a record string of weekly losses.

The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.

The US dollar has been strengthening since April as the central bank has been raising lending rates, which draws investors looking for higher returns.

"We hope that the trade policy makers in the United States will be cool-headed, listen to the voice of United States consumers and also pay attention to the voices in the global community", Wang said.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices, many of which are laid out in USTRs 301 report", Sanders told Breitbart News in a response to news of the $60 billion in Chinese retaliatory tariffs on USA goods.

The US imposed 25 per cent tariffs on US$34 billion of Chinese goods in early July, with another US$16 billion to be targeted in coming weeks, drawing an in-kind retaliation from China.

"Instead of retaliating, China should address the long-standing concerns about its unfair trading practices", White House spokeswoman Sarah Sanders said in an emailed statement.

The U.S. has only started exporting LNG en masse in the last few years, owing to the explosion of natural gas production thanks to fracking and other drilling methods.

"He (Pompeo) was accommodating on this as a direction, and said that he does not want current frictions to continue", said State Councilor Wang Yi, who is also China's foreign minister. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington.

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

"As the total value of goods under tariffs shoots up, China has little choice but to use LNG and others to top up the value", said Lin Boqiang, professor on energy studies at China's Xiamen University.

The United States was the fourth-largest supplier of foreign chocolate products to China in 2017, worth around $24 million, after Italy, Russia and Belgium, according to customs data.

Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent.

China's biggest USA imports by value in 2017 were aircraft and related equipment, soybeans and autos.


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