China to impose tariffs on $60 billion of USA goods

China to impose tariffs on $60 billion of USA goods

After the near collapse of trade talks with China last week, Mr Trump on Friday imposed a hefty duty on import of Chinese products from 10 per cent to 25 per cent worth more than Dollars 200 billion and asking for a similar increase on tariff on the rest of the Chinese import of over USD 300 billion.

President Trump is warning China not to retaliate for the newest tariff hike on its imports.

China is set to impose a tariff rate of as high as 25% on a portion of $60 billion worth of US goods starting June 1, the Chinese government announced Monday.

Mr Trump's approach in the dispute has put him at odds with his own top economic adviser, Larry Kudlow, who has said "both sides will suffer".

Chinese officials invited the top US envoys - Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin -to Beijing, Kudlow said on Fox News. Regulators have targeted American companies in China by slowing down customs clearance for shipments and processing of business licenses.

China's finance ministry said it plans to set import tariffs ranging from 5 percent to 25 percent on 5,140 US products on a target list worth about $60 billion (46 billion pounds).

"Both sides will suffer on this", he said. Therefore, China should not retaliate-will only get worse!

Talks are expected to resume in Beijing, and Mr Kudlow said there was a "strong possibility" that Trump would meet with China's President Xi Jinping at a G20 summit in Japan in late June.

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But the uncertainty was enough to rattle markets, especially since China has threatened retaliatory measures. That could effectively provide a short grace period for the sides to avert an even more serious escalation.

Beijing has retaliated against Washington's recent tariffs by imposing export levies targeting $60 billion worth of USA goods, effective June 1, China's Ministry of Finance announced on Monday.

They include 'forced tehnology transfer, ' a phenomenon in which China's government requires foreign companies to share control of their operations with Chinese companies - often giving their competition direct access to their trade secrets.

The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests.

"They can't figure out how they're going to deal with the corruption that exists within the system", he added. The U.S. and other trading partners say such efforts violate Beijing's free-trade commitments.

Previous year the United States imposed a 10% tariff on $200bn worth of Chinese products - including fish, handbags, clothing and footwear. Growth in the world's second-largest economy held steady at 6.4% over a year earlier in January-March, supported by higher government spending and bank lending.

Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology. "Would be wise for them to act now, but love collecting BIG TARIFFS!"

"With worries that Trump potentially plans to enact additional tariffs on Chinese goods down the road if this trade situation spiral further, tech stocks are ultimately caught in the crossfire, with Apple and the semiconductor space remaining front and center and thus weighing on stocks accordingly this morning", he added. It was expected that Beijing would raise tariffs on US goods to 25%.

Over the weekend, Trump and his team of advisers took to social media and television to defend the tariff increase, which came into effect at 12.01pm on Friday.

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