China sets retaliatory tariffs on US$60 billion in USA goods

China sets retaliatory tariffs on US$60 billion in USA goods

China sets retaliatory tariffs on US$60 billion in USA goods

Trump repeated the threat Tuesday on Twitter and accused China of trying to sway the US election by targeting farmers.

Trump also accused China of actively targeting the United States election on Tuesday, but offered no evidence to back up his allegation. Chinese news reports have quoted a former finance minister as saying Beijing can disrupt American companies' operations by imposing "export controls" if it needs more leverage in its mounting tariff dispute with Washington. "There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!"

China will levy tariffs on about $60 billion worth of U.S. goods, as previously planned, in retaliation for U.S. President Donald Trump's decision to slap new tariffs on $200 billion of Chinese imports, but has reduced the volume of tariffs that it will collect on the products.

The $200 billion in USA tariffs go into effect in less than a week, on September 24, leaving the two sides little time to sit down.

The US and China have already placed penalties of $50 billion on each other's goods, with Beijing focusing on agricultural goods like soybeans, pork and dairy products that affect American farmers, who represent much of Trump's political base.

In announcing the us tariffs against China on Monday, President Trump said China's trade practices, such as forcing usa companies to transfer technology to Chinese firms, "plainly constitute a grave threat to the long-term health and prosperity of the United States economy".

The trade war between both sides has been escalating for months and the latest round of tariffs means that about half of all Chinese imports to the USA will be subject to increased costs.

Both countries' tariffs come into force on September 24.

Treasury Secretary Steven Mnuchin had invited the negotiators to Washington this week to resume talks.

"If the Chinese people believe that they are being maligned they will boycott".

In light of the USA action, China is reviewing plans to send a delegation to Washington for new talks, the South China Morning Post reported on Tuesday, citing a government source in Beijing.

China doesn't have a B plan apart from prolonging the negotiations, according to Xia. They have high expectations that Trump will fail in the elections.

Trump has said the tariffs aim to force a change in Chinese trade policies that he says pose "a grave threat to the long-term health and prosperity of the United States economy".

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However, he believes China's strategy won't prove effective.

Also spared from the tariffs were Chinese inputs for US -produced chemicals used in manufacturing, textiles and agriculture.

An ongoing and widening trade war poses political risks for Republicans as they try to stop Democrats from taking House and Senate majorities in November's midterm elections.

"The president's negotiating tactics do not work well with China's way of thinking", said Sung Won Sohn, chief economist at SS Economics in Los Angeles.

Trump is due to make the announcement after the close of US stock markets, where major indices were already sinking sharply in anticipation of what could be a major escalation in the US-China trade conflict.

"We're making a lot of headway with China". "The US is one of the world's main LNG suppliers, but other countries are capable of supplying China- including Australia, Qatar, Malaysia and Russia", Stephen Comstock of the American Petroleum Institute told S&P Global Platts. But we have to do something.

China's yuan currency has weakened by about six per cent against the US dollar since mid-June, offsetting the 10 per cent tariff rate by a considerable margin. Lead by US President Donald Trump's protectionist policies, the punitive trade measures are aimed at pressuring China to halt what it terms "predatory" and "unfair" trading practices.

"United States has run $10 trillion worth of trade deficits in the last 20 years". "Fortunately, the USA economy is humming so we don't have to worry as much about what this will do to our economy".

Matt Kilcoyne, of neoliberal think tank the Adam Smith Institute and co-author of the report, said: "Together the U.S. and the United Kingdom have the clout to rewrite the rules of global trade".

Earlier this month, Trump threatened to pop extra charges on Chinese-built equipment and components coming into the USA, and has now carried out that threat.

"You need a multilateral effort to talk with the Chinese on some of the things that they're doing. But he's got to get this NAFTA agreement done before he can turn his attention full-time to that issue", he said.

"Against this aim", he added, "no possible offer by China can cause the tariffs to be lifted". Sherrod Brown (D-Ohio) are "very supportive of a stronger view on China". -China trade war could roll on for decades.

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