China Plans Tariffs on $60 Billion of U.S. Goods

China Plans Tariffs on $60 Billion of U.S. Goods

China announced a $60 billion list of USA goods on Friday including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.

On Wednesday, Trump proposed a higher 25 percent tariff on $200 billion worth of Chinese imports.

The ministry also said that the U.S. measures violated the World Trade Organization rules and damaged China's interests.

The Post reported that China and the USA held unofficial talks last week but a deep and mutual distrust continues to hamper efforts to de-escalate their trade dispute.

It has also slapped 25 percent tariffs on $34 billion worth of Chinese imports.

Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.

Representatives for the White House and the US Commerce Department did not immediately reply to a request for comment on China's retaliatory move. Beijing accused the United States of starting a trade war. But they have rejected changing technology development plans they see as a path to prosperity and global influence.

An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fuelled growth.

China called for an end to the trade dispute through talks with the United States, but on May 29, the United States announced another round of tariffs on about $50 billion in Chinese goods.

China's imports from the United States a year ago totaled $153.9 billion.

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

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The highest penalties in Friday's list would hit honey, vegetables, mushrooms and other farm goods, targeting areas that supported Trump in the 2016 election.

What do we know about this latest round of tariffs?

Beijing's earlier penalty tariffs appeared to be created to minimize the impact on the Chinese economy by targeting goods such as soybeans and orange juice that are available elsewhere.

A top adviser to U.S. President Donald Trump said the newly proposed tariffs were not as severe as the White House had been bracing for, and he warned China not to test Trump's resolve. He told trade officials this week to consider raising that to 25 per cent.

Chinese authorities - bracing for economic fallout - have taken a range of measures in recent weeks to bolster the economy.

By comparison, companies in America sold £100bn ($130bn) of goods to China during the same period.

In a separate statement, the Commerce Ministry also said Beijing reserved the right to "introduce other countermeasures", while calling its latest move rational and restrained. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

[A] big driving factor behind the higher trade deficit this year is that US consumers are buying more stuff.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

Trump has said he is determined to reduce the large US trade deficit with China.

But wait: Didn't Trump recently brag that he had already turned trade deficits around?

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