Published: Mon, August 06, 2018
Global Media | By Jackie Banks

China plans tariffs on $60B of U.S. goods

China plans tariffs on $60B of U.S. goods

A container ship was docked at a port in Qingdao, in eastern China's Shandong Province, on July 6.

Late on Friday, 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 five to 25 percent on a total value of goods less than half of that proposed by U.S. President Donald Trump's administration.

August 1: Trump ordered his trade representative to consider raising the planned tariff of $200 billion worth of Chinese products from 10 percent to 25 percent.

The investigation resulted in tariffs on steel and aluminum products from China and many other countries in March. The 25 percent duty would be applied to the proposed list of $200 billion of Chinese products announced on July 10.

Taking into full consideration the interests of its people and companies, as well as the global value chain, the Chinese government made the decision to impose differentiated tariff rates targeting $60 billion worth of U.S. goods.

What exists in fact is just a couple billion dollars of actual tariffs on steel and aluminum imposed by the U.S. on Europe and a similar amount of token tariffs implemented by Europe on select United States imports to Europe.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices", Sarah Sanders, White House press secretary, said on Friday.

President TrumpDonald John TrumpPastor at Trump rally prays to shield Trump from "jungle journalism" Bill Russell: Being criticized by Trump is the "biggest compliment you can get" Salmon farmers in California fear Trump will destroy their industry MORE on Sunday claimed his administration's steep tariffs on other nations are "working big time", despite little evidence to back that claim up. For them, the central objective is to block China's economic and technological development under its "Made in China 2025", plan which they regard as the most significant threat to the economic, and ultimately military, supremacy of the US.

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On May 31, 2010, Israeli commandos killed nine Turkish activists in the Mavi Marmara boat convoy in worldwide waters. Israel says it is crucial to prevent Hamas, a group sworn to Israel's destruction, from arming.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

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

The market is not large by value compared with approximately $12 billion of USA crude that came to China previous year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal as part of its battle against smog. This makes the products more expensive and less attractive for USA consumers.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers. It also warned that it could adopt further countermeasures at any time.

Friday's retaliation from China suggests that tactic hasn't worked.

His tweets came amid a new surge in trade tensions with China. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition. In exchange, Juncker offered to buy more U.S. soybeans and United States natural gas at some point in the future.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.

"I sense that we're seeing a hardening of attitudes on both sides", said Jacob Parker, vice president of China relations at the U.S. China Business Council. Considering much of Trump's base is located in states that have been heavily impacted by retaliatory tariffs from China and other countries, the GOP's $12 billion emergency aid plan's end goal is maintaining stability until November midterms.

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