China plans tariffs on $60 billion of US products

China plans tariffs on $60 billion of US products

The Chinese authorities have announced plans to introduce new duties on American goods in the size from 5 to 25%.

China plans to impose a 25 percent tariff on imports of USA -manufactured solar cells - but the world's biggest manufacture of solar cells now imports few of the cells used to make panels that generate power.

China's state media said on Saturday the government's retaliatory tariffs on $60 billion of U.S. goods showed rational restraint and they accused the United States of blackmail. Still, in response to Trump's tariffs, China retaliated with a 25 percent tariff on soybeans.

Lu Xiang, an expert on U.S.

Hours later at a rally outside Columbus, Ohio, Trump told an audience of diehard supporters that playing hardball on trade is "my thing".

Meanwhile, the Chinese economy is likely to feel a pinch, but that doesn't mean the country will back down, William Zarit, the chair of the U.S. Chamber of Commerce in China, tells NPR. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

President Donald Trump this week ordered officials to consider imposing a 25% tax on $200 billion worth of imported Chinese goods, up from an initial 10% rate.

More news: President Trump insults LeBron James’ intelligence

The editorial said the United States had escalated trade friction with China, and turned worldwide trade into "zero-sum game".

The rising tensions have weighed on Chinese stock and currency markets, with the Chinese yuan falling against the dollar.

"They better not underestimate the president", Kudlow said in an interview on Fox Business Network.

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against USA tariffs.

"China's economy, especially its manufacturing industry, has become highly diversified thanks to the sound supportive system and fast-growing domestic markets after decades of development", Tu said.

Third, it is demanding stringent limits and reductions in China's current policy requiring United States nextgen technology transfer from USA businesses operating in China.

China, however, shows no sign of bending to Washington's pressure.

More news: Meghan Markle's First Royal Birthday Will Be Bittersweet For The Queen | Z100

Kudlow, a devout free trade supporter who criticized Trump's approach before joining the White House this year, has tried to steer the president toward an embrace of an idea that every country remove all of their tariffs in a way that would still achieve conservative political goals.

Still, two senior diplomats did meet earlier on Friday, on the sidelines of a regional summit in Singapore.

The US trade war with Europe is just a war of words, as it has been thus far with NAFTA.

The escalation has business leaders on both sides anxious about where this will end up. Meanwhile, Beijing's Foreign Minister, Wang Yi, met with his US counterpart, Mike Pompeo at the ASEAN Foreign Minister's Meeting in Singapore on Friday.

He said: "President Trump inherited an unfair trade regime where American workers and American companies were not treated reciprocally or fairly by the Chinese, and the efforts of the Trump administration are to right that, to correct that". They include liquefied natural gas or LNG, metals and agriculture products, like flour and smoked beef. Last May, when talks were held in Washington, China agreed to increase its imports from the United States by up to $100 billion in return for at least a suspension of hostilities.

More evidence of the inaccuracy of US tariff policy, according to Wang, is that the Office of the US Trade Representative announced in July how companies could apply for exclusion from the newly imposed tariffs on Chinese imports. The amount could be even larger if the United States resolves a logistics bottleneck.

In terms of actual tariffs, or any other "trade" measure, the Trump-Juncker announcement was mostly a public relations stunt for both parties created to placate their domestic critics. USA business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States. Helicopters with an empty weight of less than 2 tonnes were also on that list.

More news: Trump administration reveals plans to roll back vehicle fuel standards

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

Related Articles

  • Google planning China search engine that will block results Beijing doesn't like

    Google planning China search engine that will block results Beijing doesn't like

    Indeed, only approved content is allowed behind the so called "Great Firewall" of China for its 650 million Internet users. A women polishes a dais before the Google global Chinese name launch on April 12, 2006 in Beijing, China.
    Trump claims you need ID to buy groceries. You do not

    Trump claims you need ID to buy groceries. You do not

    He said Tuesday: "After a while, you forget who's the senator". "They will do anything they can to not help the Trump agenda". President Donald Trump claimed shoppers need to show a photo ID to buy groceries.
    Australian firefighters deployed as California bushfires intensify

    Australian firefighters deployed as California bushfires intensify

    The nearby Ranch Fire also broke out Friday and has burned almost 75,000 acres. Other fires raging in the state include the Mendocino Complex .
  • Healthcare added 34% fewer jobs in July

    Healthcare added 34% fewer jobs in July

    But the Bureau of Labor Statistics revised the past two months upward by 59,000 to 248,000 jobs in June and 268,000 in May. The employment to population (EP) ratio for that group also rose to 79.5%, the highest it has been since May 2008.
    Scattered protests in Iran as US sanctions loom

    Scattered protests in Iran as US sanctions loom

    President Donald Trump's decision to pull out of an global agreement on Iran's nuclear program and re-impose sanctions on Tehran . Increased US hostility has also driven a run on Iran's currency, which has lost around two-thirds of its value in six months.
    West Nile mosquitoes found in Louisville

    West Nile mosquitoes found in Louisville

    Clothing should be light-colored and made of tightly woven materials that keep mosquitoes away from the skin. Seventeen people died due to the Nipah virus in Kerala, out of which 16 cases were confirmed in lab.
  • Brett Kavanaugh Hits Hurdle On Road To Supreme Court

    Brett Kavanaugh Hits Hurdle On Road To Supreme Court

    Chairman Chuck Grassley had asked for Kavanaugh's emails and paper filings from his time as Bush's associate White House counsel, and more documents pertaining to his nomination to the U.S.
    Don’t take risky Kiki Challenge, warn police

    Don’t take risky Kiki Challenge, warn police

    Celebrities including Will Smith , Kevin Hart and Odell Beckham Jr among others have also popularized the challenge. A Florida man's attempt at the " In My Feelings " challenge went wrong when he was hit by a auto during the stunt.
    Ohio State football coach Urban Meyer on administrative leave

    Ohio State football coach Urban Meyer on administrative leave

    Of course, whether Shelley Meyer really did tell her husband about Zach Smith is the subject of Ohio State's investigation. Meyer told reporters last week that he didn't know anything about the 2015 incident. "I'm not sure where that comes up".
  • Browns cornerback Carrie inspired by James’ school in Akron

    Browns cornerback Carrie inspired by James’ school in Akron

    Each student gets a free bike and helmet, free breakfast, lunch and snacks, free uniforms and free transportation within 2 miles. James, 33, has previously expressed solidarity with the kneeling players and voiced earlier criticism of Trump.
    US may raise tariffs on $200 billion in Chinese goods to 25%

    US may raise tariffs on $200 billion in Chinese goods to 25%

    However, lawmakers from both parties have warned that the tariffs will ultimately harm American workers and consumers. But they have rejected changing technology development plans they see as a path to prosperity and global influence.
    Missouri’s tax-free weekend expected to draw big crowds

    Missouri’s tax-free weekend expected to draw big crowds

    You can shop for school supplies , clothing , and some appliances without having to worry about added taxes. State officials estimate the sales tax holiday will reduce state revenue by up to $16.9 million in 2020.