China threatens US with $60B in tariffs on coffee, honey

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Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the opening bell, August 2, 2018 in New York City.

A top White House adviser warned China on Friday not to underestimate U.S. President Donald Trump's resolve in a brewing trade battle between the world's two largest economies, showing little concern over Beijing's threat to impose retaliatory tariffs on $60 billion worth of U.S. goods.

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.

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A statement said: "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".

In a statement, the Commerce Ministry said the tariffs would be at rates of 5, 10, 20 and 25 percent.

"The implementation date of the taxation measures will be subject to the actions of the USA, and China reserves the right to continue to introduce other countermeasures", the statement said. "China is increasingly isolated with a weak economy".

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China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent. Announcing a higher tariff is required ahead of the hearings and will send a signal that the Trump administration is upping the pressure on China to make serious concessions.

The Trump administration had earlier threatened additional tariffs of $200 billion and has warned that it has more ammunition than Beijing in the escalating conflict.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers".

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