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China Imposes $60B Retaliatory Tariffs on U.S.

03 August, 2018, 21:55 | Author: Sara Gill
  • Trump plans to impose 25 percent tariffs on $200B worth of Chinese goods

It was not clear from the China commerce ministry announcement which US goods would be levied with the new tariffs.

"Instead of retaliating, China should address the long-standing concerns about its unfair trading practices", White House spokeswoman Sarah Sanders said in an emailed statement.

The US Trump administration has sought to ratchet up pressure for trade concessions by proposing a higher 25 percent tariff on US$200 billion worth of Chinese imports.

Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately.

China's finance authority released new sets of tariffs on 5,207 good imported from the US, ranging from 5 to 25 percent.

The two countries have not had formal trade talks since early June.

An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fuelled growth.

But Trump raised the stakes this week with his threat to raise the tariff rate.

A statement said: "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".


While the tariffs imposed by the European Union still remain in place, the bloc has agreed not to implement more while negotiators from Washington and Brussels attempt to thrash out a deal.

"The implementation date of the taxation measures will be subject to the actions of the United States, and China reserves the right to continue to introduce other countermeasures", the statement said.

The move is in response to threats by the Trump administration to raise the tariff rate on an additional $200 billion worth of Chinese goods.

Today's new tariffs are set at levels of 25, 20, 10 and five percent.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

Beijing can not match those measures dollar for dollar, as its exports far exceed imports.

The yuan has also declined recently, threatening to take some of the bite out of tariffs by making imports cheaper, though the central bank took measures on Friday to stop it from falling any farther.

"The Chinese are also coping by lowering the rate of the yuan, while the United States can look towards countries in Southeast Asia as replacements for its imports, so it's not a big issue".

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