91126
China is the third-largest importer of US LNG.
China is the third-largest importer of US LNG.

Beijing Unveils Tariffs on $60b of US Goods

Beijing Unveils Tariffs on $60b of US Goods

China proposed retaliatory tariffs on $60 billion worth of US goods ranging from liquefied natural gas to some aircraft on Friday, as a senior Chinese diplomat cast doubt on prospects of talks with Washington to solve their bitter trade conflict.
The Trump administration tightened pressure for trade concessions from Beijing this week by proposing a higher 25% tariff on $200 billion worth of Chinese imports. China vowed to retaliate while also urging Washington to act rationally and return to talks to resolve the dispute, Reuters reported.
The United States and China implemented tariffs on $34 billion worth of each others’ goods in July. 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 has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of China’s annual imports of American products. Last year, China imported about $130 billion of US goods.
China’s Finance Ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25%. Goods targeted include semiconductors, beef and aircraft. China is the third-largest importer of US LNG.
Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.
“The US side has repeatedly escalated the situation against the interests of both enterprises and consumers,” it said. “China has to take necessary countermeasures to defend its dignity and the interests of its people, free trade and the multilateral system.”
A top adviser to US President Donald Trump, White House National Economic Council Director Larry Kudlow, said the newly proposed tariffs were not as severe as the White House had been bracing for, and he warned China not to test Trump’s resolve.
Meanwhile, India said on Saturday that delayed higher tariffs against some goods imported from the United States will go into force on September 18.
New Delhi, incensed by Washington’s refusal to exempt it from new tariffs, decided in June to raise import tax from August 4 on some US products, including almonds, walnuts and apples, and later delayed the move.

Short URL : https://goo.gl/TsREsf
  1. https://goo.gl/HJoCiX
  • https://goo.gl/f6feJL
  • https://goo.gl/WoPDpH
  • https://goo.gl/TZPBDn
  • https://goo.gl/4MfuVS

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus