China plans tariffs on $60B of USA goods

Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

China said it would retaliate against the Trump administration's recent tariff threat with additional tariffs of its own on American goods worth $60 billion annually, as the trade war escalates between the world's two largest economies.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 percent.

The trade war between the US and China is about to get more intense, as China says it is preparing to impose retaliatory tariffs on $60 billion worth of goods made in the United States.

The move was in response to the United States threat of increasing the proposed additional duty on $200 billion worth of Chinese products from 10 percent to 25 percent.

After talks between Washington and Beijing broke down in May, some see this as the Trump administration's way of forcing China back to the negotiating table.

China will impose tariffs on $60 billion in USA goods if the United States presses ahead with its latest trade threats, Beijing warned Friday.

Noticeably absent from the latest list is polysilicon, the main ingredient in solar cells, which the U.S. does export to China.

The ministry reiterated that since the USA has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world.

China would likely hike purchases from Saudi Arabia, Russia, the United Arab Emirates and Iraq if the tariffs slowed US flows, said Neil Atkinson, head of the oil industry and markets division at the International Energy Agency. Those tariffs have already started to affect some businesses, though only a small fraction of the US economy is experiencing consequences.

The Chinese are unable to match USA tariffs on a dollar-per-dollar basis but Beijing can make it hard for US companies doing business in China.

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In July, the USA published a list of $200bn-worth of additional products to be hit with tariffs of 10% - a figure the United States is now considering raising to 25%.

Trump's tariffs target goods the White House says benefit from industrial policies that China's trading partners say violate its market-opening pledges.

Friday's threat targeting a smaller amount of USA goods reflects the fact that Beijing is running out products for retaliation due to its lopsided trade balance with the United States. The White House initially announced tariffs - 25 percent on steel and 10 percent on aluminum - arguing they would protect USA companies and allow for the creation of new manufacturing plants - key Trump promises in the 2016 presidential campaign.

June 17: Trump announced he was imposing a 25 percent tariff on $50 billion worth of goods from China.

The US President, further highlighting the effectiveness of "America First Tariffs", said that move had a positive impact on the Steel Industry.

"The politicians just watched as other countries stole our jobs, plundered our wealth and got the crown jewels of the American economy", he told supporters.

China is trying to seek an "equal" position in future talks with the US with Friday's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

Speaking to Bloomberg TV yesterday, National Economic Council Director Larry Kudlow said: "We've said many times: no tariffs, no tariff barriers, no subsidies". "Plants are opening all over the USA, steelworkers are working again, and big dollars are flowing into our Treasury".

Trump has said he is determined to reduce the large U.S. trade deficit with China.

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