White House says Trump's resolve is firm on China trade

White House says Trump's resolve is firm on China trade

The ministry also warned that it reserves the right of further countermeasures in the intensifying trade war.

Trump has accused China of pursuing unfair trading practices and stealing American firms' intellectual property, while using import tariffs to push Beijing towards renegotiating its trade policy with the US.

The U.S. president has accused China and others of exploiting the United States in global trade, and has demanded Beijing make a host of concessions to avoid the new duties on $200 billion of Chinese goods, which could be imposed in the weeks after a comment period closes on September 5.

In a statement released on its website the ministry said the tariffs were necessary because the U.S. side has "repeatedly escalated the situation despite the interests of both enterprises and consumers".

Beijing's latest salvo came after the Trump administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion, suggesting the rate could be increased to 25 per cent.

More from Bloomberg.com: U.S.

"The U.S.is in a better position to ride through the tariff concerns because of a strong economy", said Sung Won Sohn, chief economist at SS Economics in Los Angeles.

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.

They will apply to 5,207 American-made goods, including a range of agricultural products such as vegetable oils, smoked and salted beef, wheat flour and wine.

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China immediately expanded its own list of types of US products to be tariffed, including farm products, cars and crude oil.

Foreign Minister Wang Yi also urged the USA to remain "cool-headed" at a press conference in Singapore after an Asean-China meeting.

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 Chinese commerce ministry blamed the United States for escalating the situation. Friday's new threat from Beijing came just after Secretary of State Mike Pompeo met with Chinese Foreign Minister Wang Yi in Singapore.

The declaration comes amid a growing U.S. -Sino trade spat. So far this year, the trade gap is up more than 7 percent from January-June 2017.

The People's Bank of China has announced new requirements for certain types of trading in the yuan, measures that are aimed at stabilising the currency. "This would be a tremendous missed opportunity and would have very real effects on the U.S. LNG industry", he said.

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

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.

China's biggest US imports by value in 2017 were aircraft and related equipment, soybeans and autos.

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