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

Steven Gerrard Shrugs Off Rangers Title Talk Ahead Of League Opener
Nevertheless, it just wasn't to be for Rangers with Bruce Anderson striking deep into stoppage time to ensure the points were shared at Pittodrie.

Iran conducts naval exercise in Persian Gulf
Some protests also have focused on water shortages, power cuts, and alleged corruption in the government. United States military commanders are "monitoring the situation closely" a second official said .

Saudi Arabia freezes all trade investment in Canada
The Saudis warned in a statement that any more criticism will be interpreted as licence to meddle in Canadian affairs. The Canadian government did not immediately comment Sunday night in response to the Saudi action.

"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.

Related news:

Hot News

isis-killer-beheading-video-story-top ‘Real problem’ of anti-Semitism in UK Labour party
Aug 06, 2018 - 11:11
We are still trying to work out what (Mr Corbyn's office) is asking from us, whether it is a discussion, a statement or a speech. The party launched an investigation into the veteran Labour MP after a confrontation she had with Mr Corbyn.

isis-killer-beheading-video-story-top Sergio Aguero double helps Manchester City sweep Chelsea aside
Aug 06, 2018 - 10:25
Those ideas will not have been forgotten over the summer. 'The second half was a difference from the physical point of view. The crucial bit is that they still do. "Now he is one year on, he is more mature", said Guardiola.

isis-killer-beheading-video-story-top Mysterious Alien Radio Signal From Deep Space Detected By A Canadian Telescope
Aug 06, 2018 - 10:11
If you haven't heard of fast radio bursts (FRBs), they're some of the most explosive and mysterious events in the Universe. FRBs are frequently picked up on radio telescopes though their exact origins aren't fully understood.

isis-killer-beheading-video-story-top Tiger Woods, Phil Mickelson to square off in November
Aug 06, 2018 - 10:02
Both are also involved in the committee for this year's Ryder Cup, with Woods already named to be coach Jim Furyk's vice-captain. The highly anticipated head-to-head between Tiger Woods and Phil Mickelson has reportedly been pencilled in for November.

isis-killer-beheading-video-story-top 11 children rescued from filthy and heavily armed compound
Aug 06, 2018 - 08:57
But Wahhaj and Morten initially refused to follow commands and Wahhaj was armed with a rifle and four handguns, Hogrefe said. No fresh water was found at the site, and the only food there was a few potatoes and a box of rice, police said.

isis-killer-beheading-video-story-top Charlotte Rae, housemother on "The Facts of Life", dead at 92
Aug 06, 2018 - 08:07
Her big break into national notoriety came in 1978, when producer Norman Lear cast her in Diff'rent Strokes. My mother, sister , and my uncle died of pancreatic cancer. "I'm grateful for the life I've already had".

isis-killer-beheading-video-story-top School launches investigation after black student posts video, says she was profiled
Aug 06, 2018 - 06:04
In a Facebook post , Kanoute recalls the incident , stating that she was "traumatized". She says police told her an employee had called about a suspicious black man.

isis-killer-beheading-video-story-top Venezuela arrests six 'terrorists' over attempted Maduro hit
Aug 06, 2018 - 05:23
The ANC urges the government of Venezuela to get to the bottom of these attacks and to do everything to arrest this scourge. Maduro won a new six-year term in May but his main rivals disavowed the election and alleged massive irregularities.

isis-killer-beheading-video-story-top Trump just made 2 problematic admissions about the Trump Tower meeting
Aug 06, 2018 - 04:13
This was a meeting to get information on an opponent, totally legal and done all the time in politics - and it went nowhere . Trump tweeted that his son met with a Kremlin-connected lawyer to collect information about his political opponent.

isis-killer-beheading-video-story-top Will you attend Trump's rally in DE next week?
Aug 06, 2018 - 00:41
Pelosi, who would become speaker if the Democrats flip control of the House in November, has always been a Republican target. He is a great Congressman who is tough on crime & borders & inspiration to our Military & Vets.

isis-killer-beheading-video-story-top Canada's June trade numbers surprisingly strong despite U.S. tariffs on metals
Aug 06, 2018 - 00:18
Exports to countries other than the United States increased 8.7 per cent in June to a record $13.6 billion. According to National Bank of Canada's analyst Kyle Dahms, goods trade likely contributed to growth in Q2.

isis-killer-beheading-video-story-top Call of Duty: Black Ops 4 Multiplayer Beta Trailer Teases Battle Royale
Aug 06, 2018 - 00:04
Unlike Black Ops 4 , however, Battlefield V will still include a campaign mode, and doesn't appear to be focusing on zombies. There is a possibility that Treyarch or publisher will give away the Activision keys on Twitter or on sites like eBay.

isis-killer-beheading-video-story-top Google Maps location sharing now allows you to share battery percentage
Aug 05, 2018 - 23:57
The feature was earlier shifted to the Google + platform, however, past year it made its comeback to the Maps application. For example, if they haven't called or texted after a while, it might be because they're running low on juice.

isis-killer-beheading-video-story-top NES Classic mini console outsells PlayStation 4, Switch
Aug 05, 2018 - 23:51
While you can't insert vintage NES cartridges into it, the console supports game saves and connects to TVs via a HDMI cable. In software, five Nintendo-published titles and four multiplatform titles with Switch releases made the top 20.

isis-killer-beheading-video-story-top Birthday girl Meghan shines alongside Prince Harry at lavish celebration
Aug 05, 2018 - 23:40
The source said: 'The possibility of a reunion has been discussed and Meghan looks set to incorporate it into her trip. Meghan Markle's half-sister isn't looking to put their differences aside in honor of the royal's birthday .