China warns it could retaliate with tariffs on $60B

China warns it could retaliate with tariffs on $60B

Washington imposed 25 per cent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

Trump set his sights on China during the 2016 presidential campaign and has followed through during his presidency with a protectionist strategy that he says is aimed at strengthening US companies and boosting jobs at home.

It's the same story for liquefied natural gas (LNG), with only one USA cargo booked for arrival in August, and it departed the Gulf of Mexico on July 1, before much of the current escalation in the trade dispute.

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

Markets were however steady on Tuesday, given a boost by hopes for new negotiations.

Officials, however, downplayed suggestions the move was meant to compensate for the recent decline in the value of the Chinese currency, which has threatened to take much of the sting out of Trump's tariffs by making imports cheaper.

China listed 5,207 U.S. products that it would target in an effort to "safeguard its own legitimate interests".

Trade tensions between the US and China have been escalating for months, driven by President Trump's aggressive rhetoric and policy positions.

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The bison once again charges at the man. "The individual's behavior in this video is reckless, dangerous, and illegal", Supt. It's unclear if the man in the video has been identified or if he will be fined in connection with the incident.

-China Business Council, said a 10 percent tariff on these products is already problematic, but more than doubling that to 25 percent would be much worse.

US Trade Representative Robert Lighthizer earlier this month ratcheted up tensions when he released a list of thousands of additional Chinese exports worth $200 billion that could face 10% tariffs after a public comment period. The trade gap narrowed in April and May as farmers front-loaded soybean exports to China before Beijing's retaliatory tariffs came into effect in early July.

Increasing the pressure on China by threatening even higher tariffs could backfire.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

White House officials had hoped Trump's latest threat would frighten Chinese officials into negotiations, where Trump aims to secure more favorable terms for USA manufacturers in one of the world's largest marketplaces.

Washington touted its initial tariffs as being carefully constructed to avoid having a big impact on US consumers and companies, but the expansion of the tariff lists has drawn in more goods that can not be imported from outside China. "Given the scope of the products covered, about half of all imports from China are facing tariffs, including consumer goods", Ennis said.

In Beijing Chinese foreign ministry spokesman Geng Shuang said Wednesday that "blackmail and pressure from the United States side will never work on China". "The cost increases will be passed on to customers, so it will affect most Americans' pocketbooks".

The Trump administration says it's looking into whether to increase the proposed tariff on 200 billion US dollar worth of Chinese imports from 10 percent to 25 percent. Administration officials are exploring an additional $200 billion of goods on which tariffs might be imposed.

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