China Imposes $60B Retaliatory Tariffs on U.S.

Market News>Trade Trump threatens higher tariffs on China China says it will fight back

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 retaliation is in line with threats that the country had made to issue tariffs on USA goods essentially matching the amounts of new US tariffs imposed on China.

The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.

The US and China implemented tariffs on $46 billion worth of each others' goods in July.

A statement said: "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".

China on Friday said it was prepared to place additional tariffs on 5,207 goods imported from the United States, ranging from liquefied natural gas to some aircraft.

The threat came a day after Chinese officials appealed for dialogue based on "mutual respect", with Foreign Minister Wang Yi urging the United States on Thursday to remain "cool-headed".

The move is in response to threats by the Trump administration to raise the tariff rate on an additional $200 billion worth of Chinese goods.

"China is in trouble right now - their economy is lousy, investors are walking out, the currency is falling", Kudlow said, in an unusually strong condemnation of a trading partner.

Why is China threatening more tariffs?

The Chinese commerce ministry blamed the United States for escalating the situation.

The Trump administration last month enacted a 25% tariff on roughly $34 billion worth of Chinese goods, prompting Beijing to retaliate in kind, and then threatened to slap additional duties on almost all Chinese goods sent to the US.

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