Published: Wed, August 08, 2018
Economy | By Shawn Conner

China reveals plan to tax $60 bn worth American goods

China reveals plan to tax $60 bn worth American goods

Earlier this week, the U.S. said it was considering more than doubling to 25 per cent the tariffs for the US$200 billion in Chinese imports that are under public review.

He added that Chinese stocks are down, weakening that nation's bargaining power in the escalating trade war.

If they refused, as China has, then Mr Trump said he would use the tariffs to punish the countries.

The exchange of barbs came after Beijing on Friday released a new tariff list created to retaliate against the United States threat to impose new duties on $200 billion (Dh734.5bn) of Chinese imports. These tariffs will become effective if the USA further hinders bilateral trade by renewing tariffs on more Chinese products, the commission said in a statement.

Another $16 billion in US levies on Chinese goods will likely follow in the coming days or weeks, against which Beijing has said it will retaliate. "For instance, those USA products that become gradually indispensable for Chinese firms and consumers would be subject to additional levies of 5 percent".

Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement. The commission stressed that China adopts the tariff measures to defend its lawful rights and interests, and to curb the escalation of trade friction, as well as minimize the impact on domestic production and people's livelihoods.

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The money will go toward the purchase of a riding lawnmower. "His eyebrows shot up into his forehead, and he was very excited". He added, "It's pretty low, despicable in my book and I can't believe someone would stoop that low to steal money from him".

After months of economic tensions, the USA and China are continuing trade talks, said President Trump, who on Saturday touted the effectiveness of tariffs in a series of tweets. "He is going to stand tough".

And while America's trade deficit with Europe shrank in June, it grew with both Canada and China. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

The USDA says it's working on their three-pronged approach to help growers hurt by the retaliatory tariffs.

The United States and China - two of the world's largest economies - have been engaged in a tit-for-tat tariff war that the International Monetary Fund warned could affect the global economy.

"Year-to-date, the goods and services deficit increased $19.6 billion (R260 billion), or 7.2%, from the same period in 2017", the Census Bureau said in a press release. The news came just after U.S. Secretary of State Mike Pompeo met with Chinese Foreign Minister Wang Yi in Singapore. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis", the analyst said.

"Virtually nothing has happened in a trade dialogue with China in a month or six weeks", Kudlow said.

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Kudlow also told reporters on Friday that the administration held a call with China within the past few days involving high-level officials.

Chinese officials are trying to reassure markets and the local population that the USA moves would have little impact. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington.

The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

The $34 billion of Chinese exports impacted by current tariffs amount to less than 7 percent of its total exports to the United States past year. The amount could be even larger if the United States resolves a logistics bottleneck. "Likewise other countries. We are Winning, but must be strong!"

"The trade war is a tactic by Trump, but if it eventually evolves into a strategic confrontation, the result will undoubtedly be disastrous", he said. China imported US$130 billion in goods from the United States in 2017, according to U.S. figures.

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The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time. The US plans to move forward with further tariffs on Chinese goods starting 23 August, its top trade negotiator has said .

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