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

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

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

China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of China's annual imports of American products.

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. The move was meant to bring China back to the negotiating table for talks over U.S. demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

The United States and China implemented tariffs on $34 billion worth of each others' goods in July.

China is threatening to put big tariffs on imports of liquefied natural gas (LNG) from the United States.

These taxes come as similar levies on agricultural goods have been imposed by the European Union, Canada and Mexico in retaliation to Mr Trump's tariffs on steel and aluminium.

The Chinese Commerce Ministry said a decision to impose additional tariffs was made in response to USA plan to raise tariffs on Dollars 200 billion of Chinese goods from 10 per cent to 25 per cent, state-run Xinhua news agency reported.

The two countries have not had formal trade talks since early June.

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"This will not affect the trade but will simply make gas more expensive to Chinese consumers", said Charif Souki, chairman of Tellurian Inc (TELL.O), one of several companies seeking to build a new LNG export terminal.

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Stewart also said that America's adversaries, including Russian Federation and China, will never be able to defeat America directly.

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

Washington and Beijing are locked in a battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as from the theft of American technological know-how.

"China has to take necessary countermeasures to defend the country's dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the statement said.

What do we know about this latest round of tariffs?

Beijing can not match those measures dollar for dollar, as its exports far exceed imports.

The US has already imposed 25pc tariffs on $34b worth of Chinese imports, with another $16b to be targeted in coming weeks.

But analysts say that China can absorb the blow by expanding stimulus programmes, fiscal spending and bank lending.

"The Chinese are also coping by lowering the rate of the yuan, while the USA can look towards countries in Southeast Asia as replacements for its imports, so it's not a big issue", Ye said.

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