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Main » China won't accept U.S. trade "blackmail" - state media

China won't accept U.S. trade "blackmail" - state media

08 August 2018

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 per cent.

The trade war between the USA and China is about to get more intense, as China says it is preparing to impose retaliatory tariffs on $60 billion worth of goods made in the United States.

The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports. 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, but China's response suggests that tactic hasn't worked.

China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the United States - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments. That's in stark contrast to the US' one-size-fits-all tariff approach, which was ill-considered, they said.

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The lack of negotiations is compounded by the fact that Trump and the White House have not articulated clear goals for the trade fight with China.

Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.

US companies are putting in place measures to cushion the impact of the trade row, including price hikes, and a number of companies - from industrial firms to home furnishers and toymakers - have said they will move some sourcing and manufacturing outside of China. While denouncing the US leader's actions, Beijing is also using its media to calm markets and express concern about the impact on the Chinese economy. China immediately retaliated by imposing levies on the same amount of USA goods. He told trade officials this week to consider raising that to 25 percent.

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

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Since January of this year, the total equities in China's stock market have tumbled by over $2 trillion, and most of the loss is due to the intensifying trade and tariff disputes with the USA started by President Donald Trump. China says if that happens, it will follow through with its taxes, which will range from 5% to 25%. "Other countries use Tariffs against, but when we use them, foolish people scream!"

While Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled United States soybean farmers and the many companies reliant on increasingly expensive steel as a raw material. "Our market is stronger than ever, and will go up dramatically when these awful Trade Deals are successfully renegotiated", he tweeted.

On Sunday, he tweeted that tariffs "were working big time". "So, the basic foundation of US-China cooperation is very strong", he added. China has since stated that it will match such tariffs in kind promptly.

As trade tensions rise, the yuan has now fallen against the US Dollar for eight straight weeks to 6.88 on Friday morning - a 15-month low.

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A dip in auto exports and rising oil prices in June drove the biggest increase in the United States trade deficit in 19 months, reversing much of May's export bonanza, the government reported Friday.

China won't accept U.S. trade