China threatens new tariffs on $60bn worth of U.S. goods

US-China trade war may raise gadget prices
US-China trade war may raise gadget prices

04 August, 2018

Following his decision this week to raise that rate to 25%, and in anticipation of China's threat of retaliatory tariffs on US$60 billion worth of USA goods, American industry groups and lawmakers voiced their discontent.

"China was forced to take the countermeasures" in reaction to Trump saying he was considering raising tariffs on $200 billion of Chinese goods from 10 percent to 25 percent, the commission said.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.

U.S. threats have escalated since, with the president saying he is ready to impose tariffs on all $500bn of Chinese imports.

President Donald Trump and his administration have repeatedly called on China to stop unfair trading practices, stop technology and intellectual property theft, and for a decrease in the us trade deficit with the China.

A top adviser to U.S. President Donald Trump said the newly proposed tariffs were not as severe as the White House had been bracing for, and he warned China not to test Trump's resolve.

Business groups have alleged that the trade threats lobbed by both countries are hurting consumers and businesses but doing little to address the root causes of the imbalance, particularly as both countries have halted formal discussions.

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.

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But Trump raised the stakes this week with his threat to raise the tariff rate.

An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fuelled growth.

Beijing said the timing of the new tariffs would depend on whether the United States follows through on its threat.

The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday. China says if that happens, it will follow through with its taxes, which will range from 5% to 25%.

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

Trump has threatened to slap tariffs on virtually all of China's exports to the United States in the tit-for-tat trade conflict.

The yuan has also declined recently, threatening to take some of the bite out of tariffs by making imports cheaper, though the central bank took measures on Friday to stop it from further falling. China can not match that dollar for dollar, but it vowed to fight back using "qualitative and quantitative" measures. The country exported about $500bn in goods to the United States and imported about $130bn.

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