China Plans Tariffs on $60 Billion of U.S. Goods

China threatens tariffs on $60 billion in US goods

China on Friday said it will slap additional tariffs on about United States dollars 60 billion worth of American products in retaliation to President Donald Trump's plan to raise duty on USD 200 billion Chinese imports, escalating the trade war between the top two economies of the world. Beijing responded by imposing similar charges on the same amount of USA products.

The Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods.

President Trump has threatened to up the ante further by slapping £150bn ($200bn) worth of Chinese goods with levies of up to 25 percent.

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

The Trump administration last month enacted a 25% tariff on roughly $34 billion worth of Chinese goods, prompting Beijing to retaliate in kind, and then threatened to slap additional duties on almost all Chinese goods sent to the US.

The Trump administration had earlier threatened additional tariffs of US$200 billion and has warned that it has more ammunition than Beijing in the escalating conflict.

But there are increasing signs of White House concern about the impact of the spat on Trump's political base.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

Officials said they remained in regular contact with their Chinese counterparts but could announce no new meeting.

According to China's Ministry of Commerce, the measure will come into force immediately if Washington starts to impose taxes on Chinese imports.




"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 theft of American technological know-how.

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.

As we all know, Donald Trump really, really hates trade deficits.

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

"They can expand their stimulus, fiscal spending, bank lending", he said.

The Post reported that China and the U.S. held unofficial talks last week but a deep and mutual distrust continues to hamper efforts to de-escalate their trade dispute.

"The US and China have backup plans in areas like technology and agriculture, where they can look towards importing from third-party nations", Ye Tan, an independent Chinese economic analyst, told AFP.

"The Chinese are also coping by lowering the rate of the yuan, while the U.S. 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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