China says it will retaliate with tariffs on $60B of United States goods

US-China trade war may raise gadget prices

US-China trade war may raise gadget prices

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's differential tax rate countermeasures are rational and restrained", the Ministry of Commerce said in a separate statement on its website.

Washington imposed 25 per cent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

After China threatened to impose new retaliatory tariffs on a variety of American goods - everything from beef to condoms - the war of words between Washington and Beijing escalated yet further.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) shake hands during their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore on Aug 3, 2018.

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Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods. It said retaliatory duties of 25 per cent, 20 per cent, 10 per cent or 5 per cent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect".

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.

Trump earlier proposed 10 percent tariffs on an additional $200 billion of Chinese imports.

The president's widening trade wars have concerned some American farmers who are anxious about the effect the feuds will have on their bottom line.

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

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But Mr Kudlow's toughest words came about the Chinese economy itself, which is second only to the US.

Other U.S. goods targeted by China in the latest list include semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, iron ore, steel products, roasted coffee, sugar, foods containing chocolate, candies, and even auto windscreens. After earlier action against $34 billion of USA goods, that left about $120 billion for retaliation. It had also become the largest buyer of USA crude oil outside of Canada, but Kpler, which tracks worldwide oil shipments, shows crude cargoes to China have also dropped off in recent months.

"The U.S. gas industry will be much harder hit by this as China imports only a small volume whereas U.S. suppliers see China as a major future market", said Lin Boqiang, professor on energy studies at Xiamen University in China.

China's biggest US imports by value in 2017 were aircraft and related equipment, soybeans and autos.

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