China announces $60B of U.S. goods for tariff retaliation

Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

Media playback is unsupported on your device Media caption The'danger of a US-China trade war

Mr Trump is aiming to reduce his country's $375.6 billion trade deficit in goods - the gap between imports and exports - with China.

The statement said the date of implementation of the taxes will depend on the "actions of the USA side" and China reserves the right to apply "other countermeasures".

This comes after the administration had proposed a higher 25 percent tariff on $200 billion worth of Chinese imports. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect".

Trump's tariffs target goods the White House says benefit from industrial policies that China's trading partners say violate its market-opening pledges.

China is threatening to put big tariffs on imports of liquefied natural gas (LNG) from the United States. He told trade officials this week to consider raising that to 25 percent.

"We hope that the trade policy makers in the United States will be cool-headed, listen to the voice of United States consumers and also pay attention to the voices in the global community", Wang said.

China's proposed tariffs on US liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing USA energy export prowess.

"Regrettably, instead of changing its harmful behaviour, China has illegally retaliated against United States workers, farmers, ranchers and businesses", Lighthizer said in a statement.

The trade war between the two superpowers has escalated in recent months after Donald Trump's administration imposed tariffs on $34bn of Chinese goods in July.

There will be "others who will be offering barrels to China, so it could find itself able to replace lost volumes from the U.S.", Atkinson said.

The People's Bank of China will impose a reserve requirement of 20 percent on some trading of foreign-exchange forward contracts, according to a statement on Friday evening.

Morgan Stanley has estimated annual Chinese imports of U.S. LNG could rise to as much as $9 billion within two or three years, from $1 billion in 2017. The next round of tariffs on mutual imports worth $16 billion could come into force on Friday. The amount could be even larger if the United States resolves a logistics bottleneck.

"Should these tariffs remain, China will source the LNG from other suppliers eager to fill the gap".

Other U.S. goods targeted by China in the latest list include semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, iron ore, steel products, roasted coffee, sugar, foods containing chocolate, candies, and even auto windscreens.

"Foreign investors don't want to be in China".

Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent. China is the world's biggest crude oil importer.

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