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

Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing

Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing

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.

Recommended News

  • North Korea 'making new missiles' despite U.S. pledge

    Government officials believe North Korea is continuing to manufacture missiles in a facility near its capital of Pyongyang. But Trump refused to let these realities ruin the tale of his triumphant North Korea summit.
    States Sue Trump Administration To Block Release Of 3D-Printed Gun Blueprints

    States Sue Trump Administration To Block Release Of 3D-Printed Gun Blueprints

    District Judge Paul Diamond came in response to a lawsuit filed by state Attorney General Josh Shapiro, Gov. Mr Wilson has hailed his victory as the beginning of "the age of the downloadable gun".
    Harley-Davidson unveils $825M global growth initiative

    Harley-Davidson unveils $825M global growth initiative

    Harley has also been investing in developing electric motorcycles as well as promoting its learn-to-ride academies at showrooms. Harley-Davidson has facilities in Brazil, India and Thailand to tap those high-growth, emerging markets.
  • Google demands: only one notch per edge, two in total per device

    Google demands: only one notch per edge, two in total per device

    While we have seen the number of notched Android phones growing increasingly this year, consumers are still divided on the notch. As such, Google has given official guidance on the matter, saying that devices should have no more than two notches.

    Urban Meyer placed on leave in bombshell Ohio State move

    But in the Stadium interview, Courtney Smith said that Shelley Meyer never confirmed that she told her husband about the abuse. Zach Smith has been arrested multiple times after being accused of domestic violence, but he has never been charged.
    Claude Puel confident Harry Maguire will stay at Leicester

    Claude Puel confident Harry Maguire will stay at Leicester

    Elsewhere, United have been dealt a transfer blow with Gareth Bale set to sign a new deal with Real Madrid . Maguire had a fabulous World Cup this summer, helping lead England to the semifinals.
  • Assam NRC: Amit Shah asks opposition whether Indians have no rights

    Assam NRC: Amit Shah asks opposition whether Indians have no rights

    West Bengal chief minister Mamata Banerjee described it as a "conspiracy to throw out Bengalis and Biharis" from Assam . He said that no country can function if it keeps on allowing infiltrators.
    New 'Star Wars' to unveil unused footage of Carrie Fisher

    New 'Star Wars' to unveil unused footage of Carrie Fisher

    Commenting on the news, Hamill tweeted, "It's bittersweet facing my final chapter without her-She is simply irreplaceable". John Boyega also cheered the move to keep Fisher in the next Star Wars film .
    Paul Manafort, ex-Trump campaign chief, to begin trial

    Paul Manafort, ex-Trump campaign chief, to begin trial

    A star government witness will be Richard Gates, a former deputy Trump campaign chairman and former Manafort business associate. Giuliani said he and Jay Sekulow, another Trump lawyer, had told the president: "This would be a very bad thing to do now".
  • Moto Z3 launches with Verizon with a modular path to 5G

    Moto Z3 launches with Verizon with a modular path to 5G

    Dubbed as Moto Z3 , the smartphone is priced at $480 and is exclusively available on Verizon in the USA starting from August 16. This is a whole generation behind the current batch of flagship Android phones that use the more powerful Snapdragon 845.
    A parade in Cleveland will honor Tristan Thompson for punching Draymond Green

    A parade in Cleveland will honor Tristan Thompson for punching Draymond Green

    The players got into a big fight earlier this month inside LA nightspot Delilah, multiple sources told BOSSIP . Other reports have described it as a legit punch, maybe even a quick one-two.
    Indonesia natural disaster : Britons among 500 hikers rescued from mountain

    Indonesia natural disaster : Britons among 500 hikers rescued from mountain

    Helicopters and search teams were deployed to scour the volcano's slopes and drop food supplies for those stranded on the mountain.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.