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

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

China recently threatened to slap retaliatory tariffs on an additional $60 billion in us goods.

The Trump administration ramped up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $270 billion worth of Chinese imports.

"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences", the commerce ministry said.

"The implementation date of the taxation measures will be subject to the actions of the USA, and China reserves the right to continue to introduce other countermeasures", the Chinese government press release stated.

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

The commerce ministry threat came after Wang met with US Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday.

During a July 20 CNBC interview, Trump said that he was willing to put tariffs on all $505.5 billion dollars worth of goods that China exports annually to the U.S. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the US imports to China each year.

The move is in response to threats by the Trump administration to raise the tariff rate on an additional $200 billion worth of Chinese goods. "China is increasingly isolated with a weak economy". "I noticed today that Japan's stock market is now worth more than China's - I love that", he told journalists at the White House.

The United States reached a surprise deal on trade last week under which Washington agreed not to put any new tariffs on imports from the European Union, forestalling a possible 25 percent levy on auto imports the Trump administration has been considering.

The Chinese commerce ministry blamed the United States for escalating the situation.

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