China threatens tariffs on $60 billion in USA goods


"China is increasingly isolated with a weak economy", he said. "China is not delivering, OK?"

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

The heated dispute between the world's two biggest economies has roiled financial markets including stocks, currencies and the global trade of commodities from soybeans to coal in recent months.

"Really what we're looking to see is whatever actions are taken do not have the staying, negative fallout as the tariffs did in 2002", Paglia said, referring to tariffs President George W. Bush placed on imported steel.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies. Americans have consumed more than they produce compared to many other nations for decades, they say. It echoes China's response to the previous round of tariffs last month, when the US and China imposed tariffs on $34 billion worth of each others' goods.

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

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The Chinese government calls its response 'rational'.

Trump threatened to slap a 25% tariff on $200 billion worth of Chinese goods, while China threatened tariffs on another $60 billion worth of USA goods.

China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the U.S. - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments. "Considering the unreasonable USA demands, a trade war is an act that aims to crush China's economic sovereignty, trying to force China to be a US economic vassal". That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

The highest penalties on China's new list would be imposed on honey, vegetables, mushrooms and industrial chemicals, targeting farming and mining areas that supported Trump in the 2016 election.

"Tariffs are working far better than anyone ever anticipated", he wrote on Twitter.

Chinese business' say the tariffs are not a major blow as they can easily find alternative suppliers from Europe and Australia.

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Trump told an audience of diehard supporters on Saturday that playing hardball on trade is "my thing".

Trump's tweets appear to be the latest volley in a budding trade war between the United States and China. USA business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States.

The two countries have already imposed £26bn ($34bn) worth of tariffs on each others' goods as the trade war ramped up in July.

Trump, in a series of Twitter posts before an OH campaign rally, said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States.

"It's more proportionate", Tu said. So far, about 203,000 bpd have been booked for arrival next month, according to vessel-tracking data, and the window for more cargoes to be added is closing, given it takes at least three weeks for a tanker to make the journey from the Gulf of Mexico to China's east coast.

Likewise, another of Trump's tweets claimed that foreign countries are paying the tariffs he has imposed on steel, aluminum and a variety of products being shipped from China. It will be September at the earliest before the US decides whether to impose those tariffs.

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A commentary in the official Xinhua news agency said: "The United States has repeatedly resorted to threatening and deceitful routines, trying to force China to compromise, both overestimating its own bargaining power and underestimating China's determination and ability to defend its national dignity and the interests of its people". China has denied violating worldwide trade norms. "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". "Any talks in the future, should they happen, should be conducted on an equal and faithful basis".