U.S.'s Kudlow trash talks China calling it 'lousy investment'
04 August, 2018, 02:54 | Author: Billie Castillo
China called for an end to the trade dispute through talks with the United States, but on May 29, the United States announced another round of tariffs on about $50 billion in Chinese goods. "The implementation date will be subject to the actions of the U.S., and China reserves the right to continue introducing other countermeasures".
The Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods. The U.S. trade representative said Thursday they planned to up that 25 percent.
Trump's tariffs target goods the White House says benefit from industrial policies that China's trading partners say violate its market-opening pledges.
While the tariffs imposed by the European Union still remain in place, the bloc has agreed not to implement more while negotiators from Washington and Brussels attempt to thrash out a deal.
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. The widening trade deficit in June is a sign it's starting to play out that way.
The ministry also said that the USA measures violated the World Trade Organization rules and damaged China's interests.
The measure was presented as a response to the United States on July 11 imposing a 10 percent tariff on imports of approximately $200 billion from China.
There will be "others who will be offering barrels to China, so it could find itself able to replace lost volumes from the U.S.", Atkinson said.
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They will apply to 5,207 American-made goods, including a range of agricultural products such as vegetable oils, smoked and salted beef, wheat flour and wine.
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. 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 US has already imposed 25pc tariffs on $34b worth of Chinese imports, with another $16b to be targeted in coming weeks. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars.
"As the total value of goods under tariffs shoots up, China has little choice but to use LNG and others to top up the value", said Lin Boqiang, professor on energy studies at China's Xiamen University.
More from Bloomberg.com: U.S.
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 vehicle windscreens. China's growing sweet tooth is seen as a big sales opportunity for global makers of cookies and chocolate bars like Mars and Hershey HSY.N .
China's biggest US imports by value in 2017 were aircraft and related equipment, soybeans and autos.
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Donald Trump ratchets up trade war with China
Last month, the administration imposed a 25 percent tariff on $34 billion worth of Chinese goods, mostly machines and components. China says the United States is trying to stop the rise of a competitor and it has imposed its own tariffs on USA goods.
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