Economy

State media says China's response to latest U.S. tariffs restrained, rational

State media says China's response to latest U.S. tariffs restrained, rational

The government announced it has prepared a list of $60 billion worth of USA goods to hit with duties should the us follow through on a plan to impose duties on an additional $200 billion of Chinese goods, as early as next month.

The threat comes two days after President Donald Trump ordered his administration to consider increasing the rate of tariffs it has already proposed on $200billion a year of Chinese goods - everything from chemicals to handbags - to 25 percent from 10 percent.

"China to take necessary countermeasures to defend the country's dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the statement said.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.

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The US and China implemented tariffs on $46 billion worth of each others' goods in July. "Instead of retaliating, China should address the long-standing concerns about its unfair trading practices", White House spokeswoman Sarah Sanders said in an emailed statement. But they have rejected changing technology development plans they see as a path to prosperity and global influence.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

Friday's retaliation from China suggests that tactic hasn't worked.

The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.

Iran's foreign minister says China 'pivotal' to salvaging its nuclear deal
Tehran had offered nearly free shipping and an extended credit period for oil sales to India, its top oil client after China . Increased US hostility has also driven a run on Iran's currency, which has lost around two-thirds of its value in six months.

USA motorcyle maker Harley-Davidson plans to shift some production away from the United States to avoid the "substantial" burden of European Union tariffs, imposed in retaliation to U.S. duties on steel and aluminium.

China's imports from the United States previous year totaled $153.9 billion.

It also warned that it could adopt further countermeasures at any time.

March 15: President Trump signed an executive order to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum imports from China and several other countries. So far this year, the trade gap is up more than 7 percent from January-June 2017.

The White House has responded by saying Beijing's threats are weak and that the Chinese economy is in trouble. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

US Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China. So this unifies NAFTA and U.S., Europe, Australia, Japan.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks. Beijing accused the United States of starting a trade war. "So, the basic foundation of US-China cooperation is very strong", he added.

"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of USA consumers...and hear the collective call of the worldwide community", Wang, a member of the country's state council, or cabinet, said in Singapore.


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