China warns of tariffs on imported U.S. goods worth $60bn

China warns of tariffs on imported U.S. goods worth $60bn

China warns of tariffs on imported U.S. goods worth $60bn

Beijing's latest salvo came after the Trump administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion, suggesting the rate could be increased to 25 per cent. China vowed to retaliate while also urging Washington to act rationally and return to talks to resolve the dispute.

The yuan has also declined recently, threatening to take some of the bite out of tariffs by making imports cheaper, though the central bank took measures on Friday to stop it from falling any farther. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year. China says if that happens, it will follow through with its taxes, which will range from 5% to 25%.

According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the USA had "repeatedly escalated the situation against the interests of both enterprises and consumers".

The Chinese Commerce Ministry blamed the US for escalating the situation.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."

White House economic adviser Larry Kudlow gives a press briefing about upcoming G7 in the White House in Washington, U.S., June 6, 2018. "He is going to stand tough".

"The Alaska Gasline Development Corporation (AGDC) believes the current trade tensions between the United States and China will be resolved well in advance of Alaska LNG exports to China", AGDC Communications Manager Jesse Carlstrom wrote in a statement to Channel 2.

Trump ups pressure on China; demands 25% tariffs instead of 10%
President Donald Trump earlier proposed 10 percent tariffs on an additional $200 billion of Chinese imports . The dynamic has proved hard to change, given US consumers' reliance on Chinese goods.

The Chinese Commerce Ministry said a decision to impose additional tariffs was made in response to USA plan to raise tariffs on Dollars 200 billion of Chinese goods from 10 per cent to 25 per cent, state-run Xinhua news agency reported.

China's imports from the United States previous year totalled $153.9 billion. "My team and I will continue our work with the Trump Administration to ensure that Chinese and US officials strike a fair compromise so that Alaska's natural gas reaches the market".

"Other presidents have raised the issue of China's illegal and unfair trading and so forth", Kudlow said.

Business groups have alleged that the trade threats lobbed by both countries are hurting consumers and businesses but doing little to address the root causes of the imbalance, particularly as both countries have halted formal discussions.

Still, two senior diplomats met earlier on Friday on the sidelines of a regional summit in Singapore.

It also said that the date of implementation of the taxes will depend on actions taken by the United States, while adding that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences.

Foreign Minister Wang Yi also urged the USA to remain "cool-headed" at a press conference in Singapore after an Asean-China meeting.

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