Donald Trump says tariffs 'working big time'

China announces tariff retaliation list targets $60 billion of U.S. goods

China announces tariff retaliation list targets $60 billion of U.S. goods

China ran a $375 billion goods trade surplus with the United States in 2017, which Trump has said is unacceptable. Now, Lighthizer says the President asked him to consider raising the proposed rate of the additional duty from 10 percent up to 25 percent.

And Washington is expected to impose additional levies on $16 billion worth of Chinese goods that Beijing promised it would immediately match.

A Chinese Foreign Ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute. Mr Trump suggested that his use of tariffs has directly damaged the Chinese economy, something that he said would continue unless they agreed to his demands, which includes allowing more U.S. exports and investments.

"We are using them to negotiate fair trade deals and, if countries are still unwilling to negotiate, they will pay us vast sums of money in the form of Tariffs", he wrote.

China's new four-level tariff policy targets different United States products and industries, Liu Shangxi, head of the Chinese Academy of Fiscal Sciences, told China Daily.

In response, China slapped tariffs worth some $34 billion on 545 American goods, and on Friday, it said it's poised to impose another round on $60 billion worth of imports, including coffee, honey and industrial chemicals.

On 10 July the USA government said it would impose a 10% tariff on $200bn in imported goods originating in China.

China's surplus with the USA swelled to a record in June as exports continued to rise, though signs of front-loading orders suggest the spike may have been a one-off.

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"Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S".

President Donald Trump is defending his tariffs after China threatened an additional $60 billion levied on American goods amid an escalating trade war between the two economic giants.

The two sides do not appear to be talking, either, which raises the chances of a drawn-out trade war.

Average prices for imported oil hit the highest level since December 2014 at $73.60 a barrel - bringing the value of oil imports for the month to $19.6 billion, also the highest in three and a half years. China has denied violating global trade norms. 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.

Chinese state media launched a blistering personal attack at President Trump, claiming his trade policies amounted to "extortion", according to a report on Monday.

"Governing a country is not like doing business", the editorial said, arguing that Trump's actions imperilled the national credibility of the United States. But in the meantime, foreign nations are imposing tariffs on some US goods such as soybeans and whiskey.

A top Chinese state propaganda outlet has lashed out at US President Donald Trump, accusing him of launching a "deceitful drama" of a trade conflict and insisting that Beijing will not surrender to threats.

Wang said that "accuracy" meant using tariffs to maximize the pain for targeted countries while protecting USA consumers and companies.

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