China threatens new tariffs on $60 billion worth of US goods

US-China trade war may raise gadget prices

US-China trade war may raise gadget prices

China called for an end to the trade dispute through talks with the United States, but on May 29, the United States announced another round of tariffs on about $50 billion in Chinese goods.

The two countries have already imposed about $34 billion worth of tariffs on each other.

China will impose differentiated tariffs on $60 billion in USA goods if the United States presses ahead with its latest trade threats, Beijing warned Friday.

According to China's Ministry of Commerce, the measure will come into force immediately if Washington starts to impose taxes on Chinese imports.

China, which purchased nearly 14 percent of all U.S. LNG shipped between February 2016 and May 2018, has taken delivery from just one vessel that left the United States in June and none so far in July, compared with 17 in the first five months of the year.

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

China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest US crude oil buyer, Sinopec, suspended USA crude oil imports due to the dispute, according to three sources familiar with the situation.

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Trump has accused China of pursuing unfair trading practices and stealing American firms' intellectual property, while using import tariffs to push Beijing towards renegotiating its trade policy with the US.

Calling the Chinese economy weak from the lawn of the White House in an interview with Bloomberg TV, Kudlow said: "The president has said time and again, that targeted tariffs are going to be part of the gameplan with China - unless, and until, they begin to meet our requests, and so far they have not".

The latest round of United States tariffs would range between five per cent and 25 per cent and would hit 5,027 products - a variety of agricultural goods such as beef, as well as small planes, chemical components, textiles, liquefied natural gas and condoms.

Days later, Washington unveiled a list of another US$200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 per cent import duties. Jake Colvin, vice president of the National Foreign Trade Council, said the Trump administration could be boxing itself into a corner. The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

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

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries. He told trade officials this week to consider raising that to 25 per cent.

President Donald Trump's administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union. It had also become the largest buyer of US crude oil outside of Canada, but Kpler, which tracks worldwide oil shipments, shows crude cargoes to China have also dropped off in recent months.

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