From natural gas to chicken breasts - China commodity tariffs

From natural gas to chicken breasts - China commodity tariffs

The threat comes as the USA has increased rhetoric about the dispute.

The announcement comes after US President Donald Trump threatened to raise the proposed tariffs on $200 billion of Chinese exports from 10 percent to 25 percent.

On March 1, President Donald Trump announced that the USA would be slapping a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports. When a big USA retail chain or an equipment manufacturer has to pay 10 or 25 percent more to get steel from Canada or a certain part from China, that us company has to pay the tax when it imports that item.

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.

In the larger picture, USA agriculture has been dealt a heavy blow from the trade war.

Representatives for the White House and the US Commerce Department did not immediately reply to a request for comment on China's retaliatory move.

Trump's tariffs target goods the White House says benefit from industrial policies that China's trading partners say violate its market-opening pledges.

China's stocks were lower on Monday as Beijing's latest tariff threats escalated the tit-for-tat Sino-U.S. trade war, while the yuan weakened after briefly edging up despite the central bank's latest efforts to shore up the tumbling currency.

According to new data, the USA trade deficit is growing despite Trump's tariffs.

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Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the USA announced in March. And U.S. pork and recycled aluminum was hit with a 25 percent tariff.

Beijing will impose five percent tariffs on more than 600 types of USA goods, including planes and computers. "China knows what we are asking, they just have not made satisfactory responses".

A first round of tariffs came into effect on 6 July, when the U.S. imposed 25% taxes on $34bn of Chinese imports.

'We have really rebuilt China, and it's time that we rebuild our own country now, ' Trump said.

Duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of American imports if the usa delivers its proposed taxes on another $200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday.

Concerns about the trade war have already affected China's currency, which has fallen nearly 9% against the dollar since April.

However, a flurry of articles from the Chinese state media stressed the resilience of China's economy, essentially downplaying concerns regarding the impact of the US-China trade war.

China was also the biggest market for U.S. crude producers, representing about 16 percent of total exports, while for China, U.S. imports were a measly 3.5 percent of the total.

One of Mr Trump's top economic advisors said the USA leader has no intention of backing down. China has since stated that it will match such tariffs in kind promptly.

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