China says it will retaliate with tariffs on $60B of USA goods

China threatens tariffs on $60 billion in US goods

China on Friday announced retaliatory tariffs on $60 billion worth of USA goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling that it won't back down in a protracted trade war with Washington.

The White House has imposed a 25 percent tariff on $50 billion worth of Chinese goods containing "industrially significant technologies" in an escalating, tit-for-tat conflict between the world's two largest economies. The move was meant to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

China's imports from the United States previous year totaled $153.9 billion.

"Tariffs are working far better than anyone ever anticipated", Trump tweeted out. Washington is expected to soon implement more tariffs on $16 billion in additional Chinese goods, which China has already announced it will match immediately.

Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent.

China responded with tariffs on $3 billion worth of US items, largely agricultural products and metal.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."

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China threatens tariffs on $60 billion in United States goods
US President Donald Trump has defended his tariffs against China, tweeting that they had brought Beijing to the negotiating table. April 9: China filed a complaint to the World Trade Organization (WTO) against Trump's metal tariffs.

"We are using them to negotiate fair trade deals", Trump said. That's a negligible amount for China, which imported 17 million tons total a year ago, according to the US Census Bureau.

US exports hit a record high in May as buyers stocked up on products before the tariffs.

The United States alleges that China steals U.S. corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.

While a strong US Dollar combined with a weaker Yuan will make many Chinese goods on the US market still highly competitive in terms of pricing in spite of tariffs, an equal and opposite effect is being felt by US producers whose warehouses of goods that would have normally been shipped off to China are now left to rot.

The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday.

On Friday, the People's Bank of China said it would require banks to keep reserves equivalent to 20 percent of their clients' foreign exchange forwards positions from Monday, in a move to stabilise the yuan.

The nationalist Global Times, responding in an editorial late on Sunday to White House economic adviser Larry Kudlow's remarks that China should not underestimate Trump's resolve, said China did not fear "sacrificing short-term interests". After the earlier action against $34 billion of US goods, that left about $120 billion available for retaliation.

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