China hits back at US with $60bn tariff threat

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"I noticed today that Japan's stock market is now worth more than China's - I love that", he told journalists at the White House.

August 3: China announced plans to slap a 25 percent tariff on $60 billion worth of U.S goods.

The two countries have already imposed about $34 billion worth of tariffs on each other.

China has said it will levy new tariffs on more than 5,200 United States products, if the White House moves forward with its latest tariff threat. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year.

China's Finance Ministry on Friday accused the Trump administration of damaging the global economy after the USA proposed increasing duties on $200 billion of Chinese goods in the second round of a dispute over technology.

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

"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences", the Chinese commerce ministry said. "He has bypassed the multilateral trading system of the World Trade Organisation and started trade conflicts, forcing countries, including its traditional allies, to cede their interests to those of the United States", it said.

Michael Pillsbury, director of the Centre for Chinese Strategy at the Hudson Institute, a conservative think tank in Washington, said at an event in Beijing on Monday that despite the dispute between the USA and China, the relationship between Presidents Donald Trump and Xi Jinping was strong.

'We have really rebuilt China, and it's time that we rebuild our own country now, ' Trump said. "He is going to stand tough".

The United States alleges that China steals USA corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.

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It is indeed due to the lack of meaningful consultation between China and the US that Beijing has chose to elevate the stakes in a manner that is directly reflective of Donald Trump's unwillingness to negotiate a new era in Sino-US trading relations on a win-win model.

Warren-based steel fabricator Ohio Star Forge, which forges steel components used primarily in the auto industry, is unsure whether the retaliatory tariffs announced Friday will directly affect the company, but it is concerned about the trade war overall.

The two countries have not had formal trade talks since early June. A number of companies have also said they will move some sourcing and manufacturing outside of China.

The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday. The global economy now appears to be living that reality, with the trade war settling into a regular rhythm of counterblows.

"How can talks take place under this pressure?", he added.

"The White House's extreme pressure and blackmail are already clear to the global community", said a state television commentary. China market has dropped 27% in last 4months, and they are talking to us.

The ministry issued four documents listing the goods from the United States that could face the new tariffs, with a range of food ingredients and finished foods featured, taking in sectors such as bakery, fruit and infant food, as well meat and confectionery. 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. That's a negligible amount for China, which imported 17 million tons total past year, according to the US Census Bureau.

The proposed tariffs could not take effect before September, and no decision has been made, the officials said.

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Many of these goods are agriculture-related and others relate to various metals and chemicals. China is the world's biggest crude oil importer.