China ready for 'protracted' trade war with US

George McgeeAug 08, 2018

Duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of American imports if the usa delivers its proposed taxes on another $200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday.

In a statement, the Commerce Ministry said China could add duties of 5, 10, 20 or 25 percent on 5,207 types of USA imports.

China announced earlier Friday it plans to impose tariffs of up to 25 percent on $60 billion of USA goods, as the trade salvos between the world's two largest economies continued.

Pressure from the Trump administration is mounting on China after the U.S. and European Union agreed in late July not to impose new tariffs, and instead negotiate the removal of trade barriers in order to realise an open market.

Chinese state media on Monday lashed out at U.S. President Donald Trump's trade policies in an unusually personal attack, and sought to reassure investors anxious about China's economy as growth concerns rattled its financial markets.

The spat began in April with the Trump administration imposing tariffs on steel and aluminium imports into the USA from China, which also retaliated by imposing additional tariffs worth about United States dollars three billion on 128 United States products.

But based on the latest trade numbers, released Friday, it appears Trump is falling short of his main goal for trade battles; the United States trade deficit is actually heading in the opposite direction.

The nationalist Global Times, responding in an editorial late on Sunday to White House economic adviser Larry Kudlow's remarks that China should not underestimate Trump's resolve, said China did not fear "sacrificing short-term interests".

"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", China's Ministry of Commerce said in a statement.

He said his administration would continue to employ tariffs if other nations were unwilling to come to the table on trade. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars. But in the meantime, foreign nations are imposing tariffs on some USA goods such as soybeans and whiskey.

In July, the USA published a list of $200bn-worth of additional products to be hit with tariffs of 10% - a figure the United States is now considering raising to 25%.

China's stocks were lower on Monday as Beijing's latest tariff threats escalated the tit-for-tat Sino-U.S. trade war, though the central bank's efforts to shore up the tumbling yuan helped to stabilise the currency.

His tweet Sunday comes after recent reports that China will impose tariffs on $60 billion of US products, escalating a potential trade war.

China said on Friday that it would respond to threatened tariffs from the U.S. with countermeasures of its own, and released a list of approximately 5200 United States products worth a total of $US60 billion that would be affected by customs duties of between five and 25 per cent. "Other countries use Tariffs against, but when we use them, foolish people scream!" There are huge impacts in trade wars and rarely do we have winners. Our market is stronger than ever, and will go up dramatically when these frightful Trade Deals are successfully renegotiated.

"Tariffs will make our country much richer than it is today", Trump said in another tweet.

China is trying to seek an "equal" position in future talks with the US with Friday's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

While the Trump administration's steel tariffs might be meant to increase domestic-steel production, bigger job losses could happen at manufacturing companies that use steel, Paglia noted.

"The politicians just watched as other countries stole our jobs, plundered our wealth and got the crown jewels of the American economy", he told supporters. China has since stated that it will match such tariffs in kind promptly.

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