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

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

That led Trump to begin planning new tariffs on $200 billion in additional Chinese goods, triggering China's new plan to penalize imports on $60 billion in us goods.

The Trump administration tightened pressure for trade concessions from Beijing this week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on United States goods were rational and restrained.

Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent.

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 new China tariffs on the US will impact metals, chemicals, and agriculture-related items.

Foreign ministry spokesman Geng Shuang told media that "the Chinese side calls on the USA to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem".

Today's threat targeting a smaller amount of US goods reflects the fact that Beijing is running out of products for retaliation due to its lopsided trade balance with the United States.

Why is China threatening more tariffs? Trump has imposed tariffs on Chinese steel and aluminum imports and another $34 billion in goods, mostly industrial equipment.

The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without.

Beijing's earlier penalty tariffs appeared to be created to minimize the impact on the Chinese economy by targeting goods such as soybeans and orange juice that are available elsewhere.

Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the United States announced in March.

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.

By comparison, companies in America sold £100bn ($130bn) of goods to China during the same period.

White House economic adviser Larry Kudlow said China's threat was a "weak response", and warned that "they better not underestimate the (US) President". China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

The US and China implemented tariffs on $46 billion worth of each others' goods in July.

'Will depend on U.S'.

The Bank of England said on Thursday protectionist trade policies were beginning to have an adverse impact, most notably on indicators of global goods trade.

Morgan Stanley has estimated annual Chinese imports of U.S. LNG could rise to as much as $9 billion within two or three years, from $1 billion in 2017.

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