China Lashes Out as Retaliatory Moves Fail to Stop Trump Trade Actions

China Lashes Out as Retaliatory Moves Fail to Stop Trump Trade Actions

China stands poised to impose retaliatory tariffs on $60 billion worth of USA imports, including coffee, honey and industrial chemicals, if Washington goes ahead with its latest trade threat.

China announced earlier Friday it plans to impose tariffs of up to 25 percent on $60 billion of US goods, as the trade salvos between the world's two largest economies continued. The plan is to target 5,207 categories of United States products with four levels of tariff rate percentages-25, 20, 10 and 5.

A Chinese commerce ministry spokesperson said the date of implementation of the tariff measures will depend on United States actions and China reserves the right to introduce other countermeasures.

As many as 5,207 United States products, including meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts were listed by China to be targeted for the "safeguard its own legitimate interests".

The USDA says it's working on their three-pronged approach to help growers hurt by the retaliatory tariffs.

The trade war kicked off in earnest in July when Trump imposed a 25% tariff on $US34 billion worth of Chinese imports to the USA, prompting China to respond in kind.

Chinese state media on Monday lashed out at U.S. President Donald Trump's trade policies in an unusually personal attack, and sought to reassure investors anxious about China's economy as growth concerns rattled its financial markets.

China's surplus with the US swelled to a record in June as exports continued to rise, though signs of front-loading orders suggest the spike may have been a one-off.

President Donald Trump and China have been engaged in a tense trade war for over five months. Another $16 billion in levies will likely follow in the coming days or weeks.

The United States and China are in an escalating trade war in which the two sides have already imposed tariffs on roughly $50 billion of each other's goods and which has raised tension between the world's two largest economies. China continues to move forward while for USA farmers, the trade war has represented a major step backwards.

A Chinese Foreign Ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute. "Their economy's weak, their currency is weak, people are leaving the country".

Trump continued his focus on tariffs Sunday morning, tweeting that the duties are working "big time" and that imported goods should be taxed or made in the U.S. He also suggested duties will allow paying down "large amounts of the $21 trillion in debt that has been accumulated" while reducing taxes for Americans.

The United States accuses China of using predatory tactics to obtain USA technology, including outright cybertheft and forcing American companies to hand over trade secrets in exchange for access to the Chinese market. China market has dropped 27% in the last 4 months, and they are talking to us.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) before their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore, yesterday.

Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details".

China urges the United States to relax its controls over exports to China, and protect and promote the high-tech trade and cooperation between companies from both countries, the ministry said.

Paglia said Ohio Star Forge primarily exports to countries covered by the North American Free Trade Agreement - Canada and Mexico - but could feel the indirect results of the Chinese tariffs, because some of their products are exported to China by their customers.

Including the new tariffs already in force, China has now identified nearly 6,000 items for higher import taxes, including liquid natural gas, soybeans, and other products.

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