China unveils retaliatory tariffs on $60B of USA goods in latest salvo

President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China

President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China

Duties ranging from 5% to 25% will be levied on 5 207 kinds of American imports if the U.S. delivers its proposed taxes on another $200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday. The timing of Friday's announcement hinted at that conflict. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars. Last year, China imported some £100bn ($130bn) in goods from the United States.

"China promises that it will continue to unswervingly push forward reform and opening-up based on established arrangements and pace, firmly support economic globalization, firmly safeguard free trade rules and multilateral trade mechanisms to realize joint development and share prosperity with all countries that pursue progress", the commission said.

The latest Chinese tariffs would, if implemented, be up to 25 percent, and cover 5,207 tariff categories, the country's commerce ministry said in a statement on its website.

Most major USA crops were already hit by previously announced Chinese duties, so the fresh duties announced Friday on about $60 billion worth of American goods is leaving the farm largely unscathed.

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"Really what we're looking to see is whatever actions are taken do not have the staying, negative fallout as the tariffs did in 2002", Paglia said, referring to tariffs President George W. Bush placed on imported steel. Mnuchin is more in favour of coming to an agreement that would bring about a reduction in the USA deficit. China said at the time blackmail would not work and that it would hit back.

Trump, in a series of Twitter posts before an OH campaign rally, said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States. Research later conducted on those tariffs found they negatively impacted employment and the USA economy.

In early rounds, the United States and China went threat for threat, matching $50 billion and then $100 billion salvos. The new list included more machinery and aerospace products.

Signalling the nation's readiness to respond to higher tariffs threatened by Donald Trump on $200bn of Chinese imports, officials in Beijing said countermeasures were ready and waiting for the next move from Washington.

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The answer was actually first given by Trump first, when in a candid CNBC interview the president said that he was not only watching the United States trade deficit with China, but also its currency, which had dropped "like a rock" recently, suggesting that trade war was morphing into currency war after he berated the Fed for hiking rates and pushing the dollar higher. But in the meantime, foreign nations are imposing tariffs on some US goods such as soybeans and whiskey. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

"I sense that we're seeing a hardening of attitudes on both sides", said Jacob Parker, vice president of China relations at the U.S. China Business Council.

President Donald Trump blames the practices for putting U.S. companies at a disadvantage and helping to create a trade deficit.

Trade tensions between the USA and China have been escalating for months, driven by President Trump's aggressive rhetoric and policy positions.

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