China has unveiled plans to impose retaliatory tariffs on United States imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world's two largest economies.
The move followed White House confirmation that President Donald Trump on Wednesday instructed top US trade official Robert Lighthizer to look at slapping an additional 25% tariffs on the Chinese goods, up from the 10% proposed on July 10, as Trump seeks to ratchet up pressure on Beijing in the intensifying trade dispute. China recently threatened to slap retaliatory tariffs on an additional $60 billion in us goods. While that could signal investors pulling money from the country, it could also help Chinese exporters manage the impact of higher USA import tariffs.
"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing a trade policy that will hurt USA families and workers more than they will hurt China", a major trade group, the National Retail Federation, said in a statement last week. But nothing hit as hard and quickly as the rapidly escalating trade war with the U.S.
China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil.
The Commerce Department said on Friday the trade gap surged 7.3 per cent to $46.3 billion.
Trump has accused China of pursuing unfair trading practices and stealing American firms' intellectual property, while using import tariffs to push Beijing towards renegotiating its trade policy with the US.
Today's threat targeting a smaller amount of USA goods reflects the fact that Beijing is running out of products for retaliation due to its lopsided trade balance with the United States.
China'a new tariffs would see 5,207 US-made products taxed at rates of 25, 20, 10 or five percent.
Hodgson believes star player will stay despite Chelsea and Spurs interest
Crystal Palace are reluctant to sell their star man so close to the deadline, however, and value Zaha at around £70million. As per Mirror , Wilfried Zaha is keen on departing Palace this window, and could put in an official transfer request soon.
Iranian politician calls for immediate European Union action as USA sanctions loom
After the official statement, the US President signed the Memorandum on the resumption of sanctions against Iran. This past week, though, Trump said he'd be willing to meet with Iranian leaders without any preconditions.
China Plans Tariffs on $60 Billion of Imports to Counter Trump
Mnuchin is more in favour of coming to an agreement that would bring about a reduction in the USA deficit. That escalation is likely to continue into September, when those tariffs are supposed to go into effect.
Trump on Saturday claimed his administration's enormous tariffs on other nations, including China, are "working far better than anybody anticipated", though economists have warned his trade policies could harm the global economy.
"China's countermeasures with differentiated tariff rates are rational and restrained, and were proposed after extensively soliciting opinions and careful evaluation".
The commercial war between the world's first and second economy is stepping up and taking a new turn this Friday, as Beijing is reacting strongly through series of announcements.
He added, however, that the United States had been sending "massive strategic weaponry" into the South China Sea and the region as a show of military might that puts pressure on China and other regional countries.
"China's economy is much less dependent on trade now and on trade with the USA than it used to be", says Linda Lim, a professor of corporate strategy and worldwide business at the University of MI, told Zarroli.
"We've said many times: no tariffs, no tariff barriers, no subsidies".
The deficits between the USA and Trump's main trade adversaries are also growing.
USA exports hit a record high in May as buyers stocked up on products before the tariffs.