China says it will retaliate with tariffs on $60B of United States goods

Evan Vucci | AP  President Donald Trump pauses during remarks at a campaign rally at Florida State Fairgrounds Expo Hall in Tampa Florida

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.

"Tariffs are working far better than anyone ever anticipated", Trump tweeted, citing losses in the Chinese market.

"The implementation date of the taxation measures will be subject to the actions of the U.S., and China reserves the right to continue to introduce other countermeasures", China's Ministry of Commerce said in a statement.

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. USA businesses either eat that extra cost or pass it along to consumers.

In a statement released on its website the ministry said the tariffs were necessary because the U.S. side has "repeatedly escalated the situation despite the interests of both enterprises and consumers".

The president repeatedly mentions the USA trade deficit when talking about trade fights with China, the European Union, and Canada.

Beijing plans to impose an additional 5% in tariffs on about 600 kinds of products including planes and computers, another 10% on nearly 1 000 products including wigs and textiles, an extra 20% on more than 1 000 items including some chemicals, cookers and paper, and an additional 25% on over 2 400 products such as meat, wheat, wine and LNG, according to the statement.

China has unveiled plans to impose retaliatory tariffs on USA imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world's two largest economies.

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"Copper is a global market that depends much less on regional trade flows and therefore tariffs in any one region should not have a material impact on the market", Chris LaFemina, an analyst at Jefferies, said by telephone from NY.

US President Donald Trump defended his use of tariffs that have inflamed tensions with China and Europe. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the USA side persists in putting its tariff measures into effect".

In early July, the U.S. imposed 25 per cent tariffs on US$34 billion of Chinese goods, with another US$16 billion to be targeted in coming weeks, sparking retaliatory measures from China. Other emerging market economies will have no choice but to follow China's devaluation lead.

China's decision to threaten $60 billion of us goods marks the first time this year that Beijing has not tried to match Washington's tariffs dollar for dollar. China continues to move forward while for United States farmers, the trade war has represented a major step backwards. On Friday, U.S. data showed the merchandise trade gap with China widened slightly in June to $32.5 billion after May's $32 billion deficit. The US S&P 500 index, a broad measure of major US companies, has yet to regain highs made in January, just before the escalation of trade tensions initiated by the US.

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 auto windscreens.

"Every country on earth wants to take wealth out of the U.S., always to our detriment", Trump tweeted, "I say, as they come, Tax them".

A lot of Republicans in Congress will tell you that they support President Donald Trump but disagree with him about trade.

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