China Plans Tariffs on $60 Billion of Imports to Counter Trump

03 August, 2018, 21:56 | Author: Dave Hampton
  • China Plans Tariffs on $60 Billion of Imports to Counter Trump

In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion.

The Trump administration had earlier threatened additional tariffs of $200 billion and has warned that it has more ammunition than Beijing in the escalating conflict.

Beijing says the United States is deliberately creating the trade conflict, using bullying tactics, and ignoring global negotiating norms so that it can stop the rise of China as a competitor on the world stage.

"They better not underestimate President Trump's determination to follow through on our asks".

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"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences", the commerce ministry said.

The United States alleges that China steals US corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense. Growth in factory output has begun slowing across advanced economies, while business leaders fear further escalation.

US Trade Representative Robert Lighthizer said on Wednesday President Donald Trump directed the increase from a previously proposed 10-per-cent duty because China has refused to meet US demands and has imposed retaliatory tariffs on US goods.

Washington is expected to soon implement more tariffs on $21 billion in additional Chinese goods, which China has already announced it will match immediately.

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"China to take necessary countermeasures to defend the country's dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the statement said.

According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the U.S. had "repeatedly escalated the situation against the interests of both enterprises and consumers".

The president has also imposed steel and import tariffs on several important trading partners, including the EU, Mexico and Canada, saying they are required to protect American jobs and industry.

China has said new duties will be applied only if Washington pulls the trigger on its new tariffs.

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On July 31, 2018, robbers stole two crowns worn by King Charles IX and his wife Queen Christina from a Swedish cathedral. It sparked a police search of the lake involving boats and helicopters, but they were unable to locate the thieves.

"[We will] begin the process of a grand deal to tear down barriers and open up markets [with the EU]", he said.

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