China hits back at USA with $60bn tariff threat

06 August, 2018, 23:39 | Author: Eric Barnett
  • China threatens tariffs on $60 billion in US goods

China has once again threatened to slap retaliatory tariffs against the United States in response to the Trump administration's trade policies, this time targeting $60 billion in usa imports with tariffs ranging from 5 percent to as high as 25 percent.

That move was in response to the Trump administration's proposal of a 25-percent tariff on $200 billion worth of Chinese imports. That particular set of tariffs has not yet taken effect.

China has already retaliated against some of these measures.

Trump then threatened to slap a 10% tariff on another $200 billion worth of Chinese goods, again leading to a counter-threat from Beijing. A final decision on the tariffs isn't expected until September.

Retaliatory tariffs were necessary, China says, to "defend the dignity of the country and interests of its people" as well as "the mutual interest of all the countries in the world".

China has announced retaliatory tariffs on $US60 billion ($81bn) worth of USA goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling it will not back down in a protracted trade war with Washington.

Friday's threat targeting a smaller amount of US goods reflects the fact that Beijing is running out products for retaliation due to its lopsided trade balance with the United States.

Trump continued his focus on tariffs Sunday morning, tweeting that the duties are working "big time" and that imported goods should be taxed or made in the U.S. He also suggested duties will allow paying down "large amounts of the $21 trillion in debt that has been accumulated" while reducing taxes for Americans.

China responded with tariffs on $3 billion worth of USA items, largely agricultural products and metal. Those tariffs have already started to affect some businesses, though only a small fraction of the USA economy is experiencing consequences. Last month, the International Monetary Fund warned that escalating trade conflicts following USA tariff actions on its trading partners threaten to derail the global economic recovery.

"The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports", NPR's Brian Naylor reported. In negotiations with China, Trump's major request was a massive reduction in the bilateral trade deficit.

No cargoes at all have yet been booked for September, raising the possibility that China's imports of U.S. LNG will drop to zero, even though any tariff action still has to be implemented. Investment is down. Consumption is down. While denouncing the US leader's actions, Beijing is also using its media to calm markets and express concern about the impact on the Chinese economy. And so I'm going to make the case that they are in a weak economic position. "China trade dispute. They expect solid economic growth momentum amid policy fine-tuning", an article in the official English-language China Daily newspaper said, citing Chinese economists.

Speaking to Bloomberg TV yesterday, National Economic Council Director Larry Kudlow said: "We've said many times: no tariffs, no tariff barriers, no subsidies".



MoviePass will limit customers to three movies per month
MoviePass says the new cap will affect only about 15 percent of subscribers - those who now watch four or more movies a month. Helios and Matheson stock has plunged as investors have grown increasingly doubtful about the viability of MoviePass .

Mobile Essentials offers unlimited data with no frills
T-Mobile's most expensive plan is its "One Plus" that includes all that plus more hotspot data, HD streaming, caller ID and more. If not, and you don't ever go to Canada or Mexico, then I'm not sure why you wouldn't downgrade to this new Essentials plan .

Trump campaign aide socialized with alleged Russian agent during 2016 campaign
Gordon is the first Trump official to be added to that list since her arrest, however. He described Butina as a Russian national in the USA on a student visa.

Anderson’s late strike denies Gerrard winning Premiership start
Rangers faced Croatian side Osijek recently in the play-off stages of the Europa League, in which they triumphed over two legs. Morelos retaliated and aimed a kick at McKenna and received his marching orders.

NASCAR CEO Brian France charged with DUI
The outlet also reports that France's blood-alcohol level was well over twice the legal limit. Police suspected that the NASCAR CEO was intoxicated and found oxycodone pills on his person.

Khloe Kardashian Addresses Her 'Massive' Pregnancy Lips on 'KUWTK'
However, coordinating everyone's schedule proved to be hard , and Kourtney Kardashian wasn't willing to budge on her availability. Kardashian has previously hit back at mommy and body shamers after facing a slew of online criticism since her daughter's birth.

Chelsea goalkeeper Courtois: Real Madrid a sensitive issue
This development was revealed by English football presenter, Richard Keys. My head is here at the Chelsea , but we never know about tomorrow.

Berkshire Hathaway profit surges
Meanwhile, tax credits for wind-powered electricity generation helped boost profit 14 percent at Berkshire Hathaway Energy. Berkshire Hathaway Inc . owns more than 90 companies, including railroad, clothing, furniture and jewelry firms.

Apple Removes Alex Jones, Infowars From iTunes And Podcast Apps
Also, Spotify, a music and podcast streaming company, removed some specific episodes of Jones's programs last week. About 100 episodes of Infowars news-recap podcast RealNews With David Knight that remain available on iTunes.

Irish grassfires reveal massive stone sign etched into coastland
A giant landmark that has lain undiscovered since World War II has been revealed after a gorse fire tore through the area . According to , the signs were 12m by 6m and were built with up to 150 tons of whitewashed stones.