China unveils additional retaliatory tariffs on $60bn of U.S. goods

China unveils additional retaliatory tariffs on $60bn of U.S. goods

China unveils additional retaliatory tariffs on $60bn of U.S. goods

The heated response came after China threatened to impose retaliatory tariffs on another $60 billion in USA exports, as the tit-for-tat trade war with Washington shows no signs of abating.

The Finance Ministry on Friday accused the Trump administration of damaging the global economy after it proposed imposing 25 per cent duties on $200 billion of Chinese products in a dispute over Beijing's technology policy.

The tariffs would be imposed at four different tax rates, China's Ministry of Commerce said in a statement.

The US imposed 25 per cent tariffs on $US34 billion of Chinese products in early July, and the review period on another $US16 billion of imports ends on Wednesday.

U.S. President Donald Trump takes part in a welcoming ceremony with China's President Xi Jinping on November 9, 2017, in Beijing.

The Trump administration slapped duties on US$34 billion of Chinese goods last month, which prompted immediate retaliation from China, and another US$16 billion will likely follow in the coming days or weeks. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

Mr Geng said China's door to dialogue on the trade dispute is open, but that it had to be based on mutual respect and equality.

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The two countries have not had formal trade talks since early June.

While the tariffs imposed by the European Union still remain in place, the bloc has agreed not to implement more while negotiators from Washington and Brussels attempt to thrash out a deal.

"He (Pompeo) was accommodating on this as a direction, and said that he does not want current frictions to continue", said State Councilor Wang Yi, who is also China's foreign minister.

Among US products targeted were a wide range of agricultural and energy products such as beef and LNG. After the earlier action against $34 billion of USA goods, that left about $120 billion available for retaliation.

"As the total value of goods under tariffs shoots up, China has little choice but to use LNG and others to top up the value", said Lin Boqiang, professor on energy studies at China's Xiamen University.

The United States was the fourth-largest supplier of foreign chocolate products to China in 2017, worth around $24 million, after Italy, Russia and Belgium, according to customs data.

Today's new tariffs are set at levels of 25, 20, 10 and five percent.

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