China plans tariffs after latest United States trade threat

Here's Why Trump Is Hiking Chinese Tariffs To 25%

A container ship was docked at a port in Qingdao, in eastern China's Shandong Province, on July 6.

China has announced a plan to impose new tariffs on $60 billion of American goods, in retaliation for the latest tariff threats from the Trump administration. Those tariffs have not taken effect, and a final decision on their size and scope is not expected until next month.

The decision was made in response to a US plan to raise tariffs to be imposed on 200 billion dollars of Chinese goods from 10 percent to 25 percent. China immediately retaliated by imposing levies on the same amount of USA goods.

Unlike NAFTA and Europe, a quick settlement with China is not in the works.

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Foreign ministry spokesman Geng Shuang told media that "the Chinese side calls on the U.S. to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem".

China says the United States is deliberately creating the trade conflict, using bullying tactics, and ignoring global negotiating norms so that it can stop the rise of China as an competitor on the world stage.

Morgan Stanley estimates that a full-blown escalation of the trade dispute could knock 0.81 percentage points off global gross domestic product.

China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil.

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China proposed a 25 percent tariff on imports of copper ore and concentrate from the USA, which shipped about 70,000 tons to the country past year. European soybean imports from the US were likely to increase naturally. But Trump's Twitter posts Saturday evening reflected a much different mentality and suggest that the president prefers a much different strategy than one that resembles free trade. The new list included more machinery and aerospace products.

The Chinese are unable to match US tariffs on a dollar-per-dollar basis but Beijing can make it hard for USA companies doing business in China. On Wednesday, the administration proposed raising the potential tariffs on the $200 billion list to 25 percent from an originally announced 10 percent. It would become another factor for the Federal Reserve to consider as it decides how quickly to raise interest rates. It also warned that it could adopt further countermeasures at any time.

Those "longstanding concerns" centre on two key issues: the acquisition and development by China of advanced technology in the fields of communications, robotics and artificial intelligence; and the state subsides provided to companies. The divergence between United States agriculture's collective struggle to retain healthy profits without access to the Chinese market and Huawei beating all of its American competitors to become the second most popular smartphone brand in the world just after South Korea's Samsung, is indicative of the fact that many of China's flagship brands cannot only survive but thrive even when being cut off from the U.S. market.

President Donald Trump tweeted Sunday morning that his tariffs are "working big time" and made a freakish claim that the money raised from these new import taxes will go a long way to helping pay down America's large debt. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

China Warns Of Retaliation If US Takes More Trade Steps
Officials said they remained in regular contact with their Chinese counterparts but could announce no new meeting. Last month, Trump threatened to impose tariffs on all goods imported from China.

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