White House tells China to fix trade practices

White House tells China to fix trade practices

In the latest move, China said on Friday that it would levy new tariffs on more than 5,200 United States products if the U.S. goes ahead with its latest threat to impose 25% tariffs on $200bn (£152bn) of Chinese goods.

The ministry reiterated that since the USA has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world.

His tweet Sunday comes after recent reports that China will impose tariffs on $60 billion of us products, escalating a potential trade war.

China plans to slap additional tariffs on 5,207 categories of United States products with four levels of tariff rates - 25 percent, 20 percent, 10 percent and 5 percent. They include liquefied natural gas or LNG, metals and agriculture products, like flour and smoked beef. "Other countries use Tariffs against, but when we use them, foolish people scream!"

The statement said China reserves the right to apply "other countermeasures". The US wants concessions from China that it is not demanding from NAFTA, Europe and other allies.

The rising tensions have weighed on Chinese stock and currency markets, with the Chinese yuan falling against the dollar.

Wang also hit back at comments by top White House economic advisor Larry Kudlow, who ridiculed China's tariff threat as "weak" and said the world's second-largest economy was in significant "trouble".

The administration is drawing strength from a rise in the United States growth rate and signs of a slowdown in China's growth as the value of the yuan continues to fall.

The result is that both China and the U.S. are now using government funds to stimulate areas of the economy.

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"Tariffs are working far better than anyone ever anticipated", Trump tweeted out.

The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned. "So we'll have a united front against China".

But Chinese officials have suggested in recent weeks that if the United States proceeds with tariffs on a very wide range of Chinese goods, then Beijing may also retaliate against the Chinese-owned operations of big US companies.

The US and China implemented tariffs on $34 billion worth of each others' goods in July. That's forced the US Treasury to lift note and bond sales to levels last seen in the aftermath of the recession that ended in 2009. Mnuchin is more in favour of coming to an agreement that would bring about a reduction in the U.S. deficit.

Economists polled by Reuters had forecast the trade deficit widening to $46.5 billion in June. For them, the central objective is to block China's economic and technological development under its "Made in China 2025", plan which they regard as the most significant threat to the economic, and ultimately military, supremacy of the US.

Everything from oak wood to veneered panels of laminated wood has been ensnared in China's escalation of the trade battle with the U.S. Half of U.S. hardwood production is exported, and the bulk goes to China, Michael Snow, executive director of the Sterling, Virginia-based American Hardwood Export Council, said Friday in a telephone interview.

The White House issued a statement Friday, condemning the proposal. That prompted concern among American companies that retaliation might expand to disrupting their operations in China. Likewise, another of Mr Trump's tweets claimed that foreign countries are paying the tariffs he has imposed on steel, aluminium and a variety of products being shipped from China.

The essential objective foundations of the trade war are now emerging more clearly into the open.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies. In negotiations with China, Trump's major request was a massive reduction in the bilateral trade deficit.

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