China to hit back at US with USD 60 billion tariffs

China to hit back at US with USD 60 billion tariffs

In a statement, the Commerce Ministry said China could add duties of 5, 10, 20 or 25 percent on 5,207 types of US imports.

China's foreign minister said Saturday (Aug 4) that his country's threat to impose retaliatory tariffs on US$60 billion of American goods in an escalating trade spat was "fully justified".

The move is in response to threats by the Trump administration to raise the tariff rate on an additional $200 billion worth of Chinese goods.

Trump suggested that his use of tariffs has directly damaged the Chinese economy, something that he said would continue unless they agreed to his demands, which includes allowing more US exports and investments.

"Other countries use Tariffs against, but when we use them, foolish people scream!"

Their comments follow recent criticism by Larry Kudlow, a top White House economic adviser, who has been saying that Beijing's latest countermeasure was weak and China's economy is softening.

A commentary in the official Xinhua news agency said: "The United States has repeatedly resorted to threatening and deceitful routines, trying to force China to compromise, both overestimating its own bargaining power and underestimating China's determination and ability to defend its national dignity and the interests of its people".

US and Chinese officials have held "hardly any conversations" in the past month, but there's "some hint" the Chinese may be warming to the idea of negotiations, Kudlow said.

The market is not large by value compared with approximately $12 billion of U.S. crude that came to China previous year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.

Washington suggested the rate on the proposed extra tariffs could be increased from 10 to 25 per cent.

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Earlier this week, the United States 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.

The latest round of USA tariffs would range between five percent and 25 percent and would hit 5,027 products - a variety of agricultural goods such as beef, as well as small planes, chemical components, textiles, liquefied natural gas and condoms. The Trump administration is weighing an additional round of tariffs on $200 billion of Chinese goods.

Washington has vowed to take punitive measures to stop Beijing's Made in China 2025 industrial policy supporting domestic companies developing strategic advanced technologies, including robotics and artificial intelligence.

The timing of Friday's announcement hinted at that conflict.

In another tweet, he said: "Tariffs will make our country much richer than it is today".

Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods.

Recall that President Hassan Rouhani of Iran had earlier warned the USA against any attempt to stop Tehran's oil trade.

Wang said that "accuracy" meant using tariffs to maximize the pain for targeted countries while protecting USA consumers and companies.

US exports hit a record high in May as buyers stocked up on products before the tariffs.

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