China proposes retaliatory tariffs on $60B of USA products

China proposes retaliatory tariffs on $60B of USA products

At the same time, Trump has credited tariffs with helping revitalize the steel industry. Every country on earth wants to take wealth out of the US, always to our detriment. I say, as they come, Tax them. If they don't want to be taxed, let them make or build the product in the US.

At a time when China is opening its domestic market to more foreign trade and investment than at any time in China's modern history, policy makers in Beijing have opted to retaliate against America's ongoing tariff onslaught in a manner that will force USA producers to apprehend the reality that in a prolonged trade war of Washington's own making, United States industries will be the penultimate victims.

That move was in response to the Trump administration's proposal of a 25-percent tariff on $200 billion worth of Chinese imports. In July, China slapped duties on American shipments of soybeans, cotton, pork, corn, wheat and other items.

Trump suggested that his use of tariffs has directly damaged the Chinese economy, something that he said would continue unless they agreed to his demands, which includes allowing more US exports and investments.

Trump also took to twitter on Saturday to claim the tariffs are working and China is talking to the United States.

And he touted his tariffs at a rally outside Columbus, Ohio, on Saturday evening.

China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the USA - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the US imports to China each year. But Bloomberg pointed out that USA stocks have yet to regain strong January performances since the escalating trade war.

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"The White House's extreme pressure and blackmail are already clear to the global community", said a state television commentary.

"Such methods of extreme blackmail will not bear fruit against China", it said.

China has threatened to impose new tariffs of 5 per cent to 25 per cent on about $60 billion of American exports, escalating a trade dispute between the world's two largest economies.

China's exports are expected to have maintained solid growth in July despite the new tariffs on billions of dollars of shipments to the United States, though the outlook has darkened as both sides raised the stakes in the trade brawl.

The world's two biggest economies further escalated trade tensions last week, with China announcing possible additional tariffs late Friday in response to USA moves.

The back-and-forth trade war has Republicans on Capitol Hill concerned about the affect the tariffs could have on their home states.

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