China hits back at U.S. with $60bn tariff threat

China hits back at U.S. with $60bn tariff threat

China hits back at U.S. with $60bn tariff threat

The Bank of England said on Thursday protectionist trade policies were beginning to have an adverse impact, most notably on indicators of global goods trade.

The Trump administration has issued temporary emergency financial support of $12 billion to help farmers hard-hit by China's retaliatory tariffs such as soybean farmers.

Beijing plans to impose an additional 5% in tariffs on about 600 kinds of products including planes and computers, another 10% on nearly 1 000 products including wigs and textiles, an extra 20% on more than 1 000 items including some chemicals, cookers and paper, and an additional 25% on over 2 400 products such as meat, wheat, wine and LNG, according to the statement.

China's imports from the United States previous year totaled $153.9 billion.

China is threatening to put big tariffs on imports of liquefied natural gas (LNG) from the United States.

Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.

"The implementation date of the taxation measures will be subject to the actions of the U.S., and China reserves the right to continue to introduce other countermeasures", the Chinese government press release stated. China recently threatened to slap retaliatory tariffs on an additional $60 billion in USA goods.

His comments came during a Friday interview on the Fox Business Network's "Varney & Company". "He is going to stand tough".

China, which purchased nearly 14 percent of all U.S. LNG shipped between February 2016 and May 2018, has taken delivery from just one vessel that left the United States in June and none so far in July, compared with 17 in the first five months of the year.

The US and China implemented tariffs on $46 billion worth of each others' goods in July.

Washington has vowed to take punitive measures to stop Beijing's Made in China 2025 industrial policy supporting domestic companies developing strategic advanced technologies, including robotics and artificial intelligence.

The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.

"Instead of retaliating, China should address the long-standing concerns about its unfair trading practices", White House spokeswoman Sarah Sanders said in an emailed statement.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

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

Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details".

The U.S. has only started exporting LNG en masse in the last few years, owing to the explosion of natural gas production thanks to fracking and other drilling methods. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington. The next round of tariffs on mutual imports worth $16 billion could come into force on Friday. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars. The amount could be even larger if the United States resolves a logistics bottleneck.

More from U.S.

China listed 5,207 USA products that it would target in an effort to "safeguard its own legitimate interests".

"Foreign investors don't want to be in China". China's growing sweet tooth is seen as a big sales opportunity for worldwide makers of cookies and chocolate bars like Mars and Hershey HSY.N .

Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent. Helicopters with an empty weight of less than 2 tonnes were also on that list. China is the world's biggest crude oil importer.

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