Please ensure Javascript is enabled for purposes of website accessibility
China Announces $60B of US Goods for Tariff Retaliation
gvw_ap_news
By Associated Press
Published 6 years ago on
August 3, 2018

Share

BEIJING — China on Friday announced a $60 billion list of U.S. goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.
The Finance Ministry accused the Trump administration of damaging the global economy after it proposed increasing duties on $200 billion of Chinese goods in the second round of a dispute over technology.
“China is forced to take countermeasures,” said a ministry statement. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed “if the U.S. side persists in putting its tariff measures into effect.”
Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology. Beijing retaliated by imposing similar charges on the same amount of U.S. products.

Trying to Settle the Dispute

Earlier Friday, a Chinese foreign ministry spokesman called on Washington to “come to its senses” and settle the dispute.
Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods. But they have rejected changing technology development plans they see as a path to prosperity and global influence.
The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

“We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible.”Geng Shuang, spokesman
Friday’s threat targeting a smaller amount of U.S. goods reflects the fact that Beijing is running out of products for retaliation due to its lopsided trade balance with the United States.
China’s imports from the United States last year totaled $153.9 billion. After the earlier action against $34 billion of U.S. goods, that left about $120 billion available for retaliation.
The highest penalties in Friday’s list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election.
The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without.
Beijing’s earlier round of tariffs appeared designed to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

Raising the Tariffs Even More

Trump earlier proposed 10 percent tariffs on an additional $200 billion of Chinese imports. He told trade officials this week to consider raising that to 25 percent.
Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified “comprehensive measures.” That prompted concern among American companies that retaliation might expand to disrupting their operations in China.
The United States and China have the world’s biggest trading relationship but official ties are increasingly strained over complaints Beijing’s technology development tactics hurt American companies.
Trump’s tariffs target goods the White House says benefit from industrial policies such as “Made in China 2025,” which calls for developing Chinese competitors in robotic, artificial intelligence and other fields. China’s trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.
The dispute is part of broader U.S. complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.
The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.
 

DON'T MISS

Ex-Correctional Officer at Women’s Prison in California Sentenced for Sexually Abusing Inmates

DON'T MISS

Caitlin Clark and Iowa Draw Nearly 5 Million Viewers for Second-Round NCAA Win

DON'T MISS

Canadian School Boards Sue Snapchat, TikTok and Meta for Disrupting Students’ Education

DON'T MISS

California Law Enforcement Agencies Obstruct Transparency Efforts in Use-of-Force Cases

DON'T MISS

No Police Charges for Taylor Swift’s Dad Over Paparazzi Incident in Sydney

DON'T MISS

Biden Administration to Lend $1.5B to Restart Michigan Nuclear Power Plant, a First in the US

DON'T MISS

Tonight’s Biden Fundraiser With Obama and Clinton Already Nets a Record $25 Million

DON'T MISS

Ukrainian Navy Says a Third of Russian Warships in the Black Sea Have Been Destroyed or Disabled

DON'T MISS

Former Sen. Joe Lieberman, Democrats’ VP Pick in 2000, Dead at 82

DON'T MISS

Trump Criticizes Judge and His Daughter After Gag Order in Hush-Money Case

No data was found

Facebook News Tab Will Soon Be Unavailable as Meta Scales Back News and Political Content

7 hours ago

Stock Market Today: Wall Street Rises to More Records to Close Out Its Latest Winning Month

7 hours ago

A Fresno County First: Kerman Council Passes Amended Gaza Cease-Fire Resolution

7 hours ago

UN Top Court Orders Israel to Open More Land Crossings for Aid into Gaza

7 hours ago

How Involved Is Southern California Consulting Firm in FUSD Executive Dealings?

8 hours ago

Biden’s Fundraiser with Obama and Clinton Nets a Record $25 Million, His Campaign Says

8 hours ago

Fresno Unified’s Self-Protection Racket Is Hurting Our Kids

8 hours ago

Rockin’ Out or Laughing, the Valley Has Its Pick of Weekend Events

9 hours ago

Ex-Correctional Officer at Women’s Prison in California Sentenced for Sexually Abusing Inmates

11 hours ago

Caitlin Clark and Iowa Draw Nearly 5 Million Viewers for Second-Round NCAA Win

12 hours ago

PGA HOPE at Riverside Golf Course Introduces Military Veterans to the Game

PGA HOPE, now underway at Fresno’s Riverside Golf Course, is designed to introduce golf to veterans and active duty military members t...

5 hours ago

PGA HOPE at Fresno's Riverside Golf Course
5 hours ago

PGA HOPE at Riverside Golf Course Introduces Military Veterans to the Game

6 hours ago

Cronenworth’s Big Hit Helps Lift the Padres to a 6-4 Win Over Melvin’s Giants

7 hours ago

Shohei Ohtani Reaches 3 Times in Home Debut as the Dodgers Rout the Cardinals 7-1

7 hours ago

Facebook News Tab Will Soon Be Unavailable as Meta Scales Back News and Political Content

7 hours ago

Stock Market Today: Wall Street Rises to More Records to Close Out Its Latest Winning Month

7 hours ago

A Fresno County First: Kerman Council Passes Amended Gaza Cease-Fire Resolution

7 hours ago

UN Top Court Orders Israel to Open More Land Crossings for Aid into Gaza

8 hours ago

How Involved Is Southern California Consulting Firm in FUSD Executive Dealings?

MENU

CONNECT WITH US

Search

Send this to a friend