China Plans Tariffs on $60 Billion of Imports to Counter Trump

China's government has announced a $60 billion list of us goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat. China said at the time blackmail would not work and that it would hit back. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately.

The U.S. has only started exporting LNG en masse in the last few years, owing to the explosion of natural gas production thanks to fracking and other drilling methods.

The ministry also said that the United States measures violated the World Trade Organization rules and damaged China's interests. "China has to take necessary countermeasures to defend its dignity and the interests of its people, free trade and the multilateral system".

Today's new tariffs are set at levels of 25, 20, 10 and five percent. "That's not a good place for them to be vis-a-vis the trade negotiations", according to Kudlow, who is director of the National Economic Council. "He is going to stand tough".

The president's widening trade wars have concerned some American farmers who are anxious about the effect the feuds will have on their bottom line. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.

Beijing says the United States is deliberately creating the trade conflict, using bullying tactics, and ignoring global negotiating norms so that it can stop the rise of China as a competitor on the world stage.

The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.

By comparison, companies in America sold £100bn ($130bn) of goods to China during the same period.

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The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences", the commerce ministry said.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) shake hands during their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore on Aug 3, 2018.

Foreign ministry spokesman Geng Shuang told media that "the Chinese side calls on the U.S. to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem". He told trade officials this week to consider raising that to 25 percent. These goods range from liquefied natural gas (LNG) to aircraft and semiconductors. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect".

The United States is the world's largest exporter of fuels such as gasoline and diesel, and is poised to become one of the largest exporters of LNG by 2019.

"The U.S.is in a better position to ride through the tariff concerns because of a strong economy", said Sung Won Sohn, chief economist at SS Economics in Los Angeles.

China listed 5,207 U.S. products that it would target in an effort to "safeguard its own legitimate interests".

"Foreign investors don't want to be in China".

Small- and medium-sized planes were on the list of goods that would be slapped with an additional 5 percent tariff.

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