China threatens tariffs on $60 billion in U.S. goods

China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the United States - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments.

The Ministry of Finance said in a statement that the retaliatory measures were in response to the latest United States threat on July 11 to slap duties on USD 200 billion worth of Chinese products, and to raise those tariffs from 10 to 25 per cent.

The retaliation stands to further inflame tensions between the world's two biggest economies and echoes China's response to the previous round of tariffs which took effect last month.

It has also slapped 25 percent tariffs on $34 billion worth of Chinese imports.

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 US exports and investments.

The tariffs would be imposed at four different tax rates, China's Ministry of Commerce said in a statement. Trump has imposed tariffs on certain goods imported from foreign countries, but the foreign countries do not pay those tariffs.

"Tariffs are working far better than anyone ever anticipated", Trump tweeted out. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already said it will match immediately.

Many economists say that Trump's focus on trade deficits is misguided and that large trade deficits simply show increased domestic demand.

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China plans to impose a 25% tariff on imports of US-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.

The tariffs were the result of a Section 301 trade investigation launched the previous summer.

April 2: China imposed tariffs between 15 percent and 25 percent on 128 US products worth a total of $3 billion.

The Post reported that China and the U.S. held unofficial talks last week but a deep and mutual distrust continues to hamper efforts to de-escalate their trade dispute.

US exports hit a record high in May as buyers stocked up on products before the tariffs.

"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said.

The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday.

The nationalist Global Times, responding in an editorial late on Sunday to White House economic adviser Larry Kudlow's remarks that China should not underestimate Trump's resolve, said China did not fear "sacrificing short-term interests". The U.S. can buy more because the economy is strong.

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