China unveils additional retaliatory tariffs on $60bn of USA goods

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

The U.S. "will be able to start paying down large amounts" of the national debt because of tariffs imposed on imported goods, said President Trump on Sunday.

"We used to pay just 24 percent tariffs for United States pork in China", he explains.

The new China tariffs on the USA will impact metals, chemicals, and agriculture-related items.

The iPhones, Chevrolets and other products manufactured and sold in China by USA companies are mostly designed in the United States, and the Trump administration has declared various Chinese industries to be threatening US national security, illegally copying foreign intellectual property or causing widespread job losses in the United States.

Paglia said Ohio Star Forge primarily exports to countries covered by the North American Free Trade Agreement - Canada and Mexico - but could feel the indirect results of the Chinese tariffs, because some of their products are exported to China by their customers.

United States agricultural producers in particular are feeling the sting of the trade war.

China's stocks were lower on Monday as Beijing's latest tariff warnings escalated the tit-for-tat US-China trade war.

Wang also hit back at comments by top White House economic advisor Larry Kudlow, who ridiculed China's tariff threat as "weak" and said the world's second-largest economy was in significant "trouble".

The Twitter posts came one day after China vowed to impose steep tariffs on $60 billion in USA exports in retaliation to large tariffs the Trump is considering on $200 billion in Chinese exports.

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He said his administration would continue to employ tariffs if other nations were unwilling to come to the table on trade.

But based on the latest trade numbers, released Friday, it appears Trump is falling short of his main goal for trade battles; the USA trade deficit is actually heading in the opposite direction.

Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on US companies and consumers.

On Friday, the Ministry of Commerce described its planned response: four different types of tariffs on $60 billion of US goods. "China market has dropped 27% in 4months [sic], and they are talking to us".

Washington imposed 25 per cent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

Kudlow said, "China is in trouble right now". But crude oil represented one of the few areas where China could have realistically increased its purchases from the United States.

"They switched gear a bit because, I think, they realized that they have the weaker hand here in terms of their ability to retaliate, partly because they import far less from the USA than the US imports from China, but also [because] a portion of [goods] they import from China is, you know, high-tech that are quite hard to import from elsewhere", Julian Evans-Pritchard, senior China economist at Capital Economics told VOA. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars.

The growing friction with China has raised concerns in both countries - and reportedly even within the Trump administration - about collateral damage.

"My objective was quite straightforward: I think I need to inform him that we are very concerned", said Saifuddin.

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