China Plans Tariffs on $60 Billion of Imports to Counter Trump
03 August, 2018, 21:56 | Author: Dave Hampton
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".
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.
"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".
China has said new duties will be applied only if Washington pulls the trigger on its new tariffs.
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