China threatens new tariffs on $60bn worth of USA goods

China is threatening to impose tariffs on U.S. coffee and honey

China threatens tariffs on $60 billion in US goods

In negotiations with China, Trump's major request was a massive reduction in the bilateral trade deficit.

The overseas edition of the Communist Party's People's Daily newspaper said Trump was starring in his own "street fighter-style deceitful drama of extortion and intimidation", Reuters reported.

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".

"Governing a country is not like doing business", the paper said, adding that Trump's actions imperilled the national credibility of the United States.

The world's two biggest economies further escalated trade tensions last week, with China announcing possible additional tariffs late Friday in response to U.S. moves.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

Also, Trump's tariffs so far have been levied on $85 billion worth of foreign goods, which might cover about.1 percent of the debt, notes The Washington Post. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately.

In early July, the U.S. imposed 25 percent tariffs on $34 billion of Chinese goods, with another $16 billion to be targeted in coming weeks, sparking retaliatory measures from China.

"It looks to me like the China economy is declining in growth", said Kudlow. While census data shows that the... The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt United States families and workers more than they will hurt China", a major trade group, the National Retail Federation, said in a statement last week. USA businesses either eat that extra cost or pass it along to consumers.

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U.S. President Donald Trump claims that his tariffs on trade are "working big time", but this ignores signs that the best hope the United States had for boosting exports to China is being crushed as Beijing clamps down on energy imports.

Trump cited losses in China's stock market as he predicted the US market could "go up dramatically" once trade deals were renegotiated.

Speaking just hours after China unveiled the countermeasures on Friday, Larry Kudlow, Trump's chief economic adviser, said the U.S. president was willing to follow through with his threats, in a stark warning to Beijing.

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

US Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China. "Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S". He told trade officials this week to consider raising that to 25 per cent. Wang said on Friday they did not get into details.

"China market has dropped 27% in last 4 months, and they are talking to us".

China's state media said on Saturday (Aug 4) the government's retaliatory tariffs on US$60 billion (S$82 billion) in U.S. goods showed rational restraint, although in an opinion piece it still admonished the United States for blackmail and bullyboy tactics.

It is indeed due to the lack of meaningful consultation between China and the US that Beijing has made a decision to elevate the stakes in a manner that is directly reflective of Donald Trump's unwillingness to negotiate a new era in Sino-US trading relations on a win-win model. "China has time to fight to the end".

"We hear complaints from [Chinese] companies that USA clients have requested a suspension of orders and deliveries, but so far it has had only a limited impact on the industrial sector", he said.

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