China threatens to slap import tax on $60 billion of USA imports

China threatens to slap import tax on $60 billion of USA imports

Mr Trump is aiming to reduce his country's $375.6 billion trade deficit in goods - the gap between imports and exports - with China.

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.

The United States and China - two of the world's largest economies - have been engaged in a tit-for-tat tariff war that the International Monetary Fund warned could affect the global economy.

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.

The US trade deficit increased in June, to $46.3 billion (R615 billion) from $43.2 billion in May, according to the US Census Bureau.

Washington had already imposed import tariffs on $34bn of Chinese goods last month, with Beijing immediately retaliating. China instead is threatening roughly two-fifths of its US purchases after Trump threatened two-fifths of China's much larger exports to the United States, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing. "What's particularly concerning right now is that China is adjusting to a new normal that locks US soybean farmers like me out of its market".

The US escalates trade friction with China and turns an global trade into a "zero-sum game".

Nigerian spy chief fired over parliament 'takeover'
Aisha Buhari has asked politicians to operate within the guidelines of the constitution of the Federal Republic of Nigeria. President Buhari handed over presidential duties to Osinbajo as he left Abuja to London for a 10-day vacation.

On 10 July the U.S. government said it would impose a 10% tariff on $200bn in imported goods originating in China. Cheniere, Tellurian Inc. and other LNG developers have been courting utilities and state-backed companies in China to fund construction of more terminals to ship the super-chilled form of the gas. Last year, China imported about $130 billion of United States goods.

"Don't underestimate President Trump's determination to follow through".

"Other countries use Tariffs against, but when we use them, foolish people scream!" "Even if the trade war escalates, China would rather lift the 25 percent tariffs to 50 percent, instead of imposing any tariffs on integrated circuits or big airplanes", according to Larry Hu, head of China economics at Macquarie Securities Ltd.in Hong Kong. It will be September at the earliest before the USA decides whether to impose those tariffs. Because US farmers are now experiencing the phenomenon of having a surplus of goods that they can not sell on the Chinese market due to the retaliatory tariffs already in place, the American federal government will now likely have to bail farmers out due to the losses of revenue they have incurred simply because they are being artificially isolated from the Chinese market that represents a lion's share of their profits.

"We have really rebuilt China, and it's time that we rebuild our own country now", Mr Trump said during about an hour of free-wheeling remarks at a rally outside Columbus, Ohio.

China has now imposed or proposed tariffs on £85bn ($110bn) in United States goods. The president's chief economic adviser also revealed there would be a "number of announcements" over the next 30 days covering trade deals with the EU.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

Similar to crude oil and LNG, coal was another area where Trump could have made a difference to USA exports to China.

Related Articles

  • Astros have reinstated reliever Roberto Osuna

    Astros have reinstated reliever Roberto Osuna

    The Astros acquired Osuna on Monday in a trade with the Toronto Blue Jays while he was still serving his suspension. Osuna has appeared in 23 games this season, turning in a 2.93 ERA and 9 saves in 15.1 innings of work.
    Liverpool vs. Torino - Football Match Report

    Liverpool vs. Torino - Football Match Report

    Liverpool's Georginio Wijnaldum celebrates scoring their second goal with team mates. In the end, that would be it for a game that would finish 3-1.
    Syria's 'chemical weapons' research chief blown up in car bomb

    Syria's 'chemical weapons' research chief blown up in car bomb

    Aziz Asber, who ran the Masyaf base near the northern city of Hama, died when his vehicle exploded on Saturday evening. The attack on Asber was claimed by a Syrian rebel group affiliated to Tahrir al-Sham, another rebel group.
  • Ruby Rose cast as Batwoman on The CW

    Ruby Rose cast as Batwoman on The CW

    Kane is described as a highly-trained street fighter with a passion for social justice and a flair for speaking her mind. She went from being used to stifle the fears of gay characters in comics, to being the face of the LGBT movement at DC.
    Ontario Premier Doug Ford announces 'Buck-a-Beer' plan

    Ontario Premier Doug Ford announces 'Buck-a-Beer' plan

    Barley Days Brewery , where Ford made his announcement, has said they will be releasing a specialty beer for $1. Brewers are not required to charge the lower rate and few in the province sell at the current minimum.
    Blake Horstmann on Bachelorette 2018 Finale: What Happened

    Blake Horstmann on Bachelorette 2018 Finale: What Happened

    Kufrin accepted his proposal without hesitation, jokingly noting that this is the last time she would do this. She told him, "You have been the most solid, constant relationship and one that I could turn to anytime".
  • NJ woman helps man short on cash, finds out he's Keith Urban

    NJ woman helps man short on cash, finds out he's Keith Urban

    The singer thanked Reed and said his name was Keith, prompting Reed to comment on his resemblance to Keith Urban . Reed admits she took some convincing. "And he said 'I am Keith Urban.' And I said, 'No you're not, really'".
    Ed Woodward determined to keep Paul Pogba and Anthony Martial this summer

    Ed Woodward determined to keep Paul Pogba and Anthony Martial this summer

    Pogba shone for France at the World Cup away from Mourinho's influence, but was then angered to hear his manager criticising him from afar.
    Balderson-O’Connor OH-12 Race Headlines Contests in Five States

    Balderson-O’Connor OH-12 Race Headlines Contests in Five States

    Sanders came to the state last month to campaign for Thompson, who faced a primary challenge but won easily. Polls close in Michigan, Kansas, and Missouri at 8 PM ET and polls will close in Washington at 11 PM ET.
  • Angelina Jolie Says Brad Pitt Hasn’t Paid ‘Meaningful’ Child Support

    Angelina Jolie Says Brad Pitt Hasn’t Paid ‘Meaningful’ Child Support

    Pitt was later provided with cell phone numbers for each child, in order to text and call them without Jolie's supervision. As a result, she's seeking formal child support as well as retroactive pay against him.
    Couple jailed for selling son to paedophiles on dark web

    Couple jailed for selling son to paedophiles on dark web

    She did not explain her actions, but her partner did speak a lot in court during the two-month trial, Spiegel reported. Several men, believed to be pedophile "clients" of the couple, have also been prosecuted in connection with the case.
    California wildfires become largest CA history

    California wildfires become largest CA history

    According to CBS News , there are now at least 18 major wildfires throughout the state of California that have killed nine people. The SAFD hopes its crew will help in the fight, adding to the more than 4,700 fire personnel who are now battling the Carr Fire .