China says tariff threat against US 'justified'

Here's Why Trump Is Hiking Chinese Tariffs To 25%

Beijing said it has been, quote, "forced to act" after the Trump administration on Wednesday announced it was considering raising its proposed tariffs on 200-billion dollars worth of Chinese imports from 10 to 25 percent.

It also said that the date of implementation of the taxes will depend on actions taken by the U.S., while adding that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences.

China's state media said on Saturday the government's retaliatory tariffs on $60 billion of USA goods showed rational restraint and accused the United States of blackmail.

"China will not rush to compete with USA numbers", it said, echoing comments made by state television.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) before their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore, yesterday.

"Any unilateral threat or blackmail will only lead to intensi-fication of conflicts and damage to the interests of all parties", said the statement.

Wang also hit back at comments by top White House economic advisor Larry Kudlow, who ridiculed China's tariff threat as "weak" and said the world's second-largest economy was in significant "trouble".

Trump says Koch brothers are a "total joke"
But they have also pushed for criminal justice reform and made large donations to the American Civil Liberties Union. Despite the brothers' financial support for countless Republican candidates, they are self-proclaimed libertarians .

Beijing also declined to stop imports from Iran, dealing a blow to U.S. efforts to isolate that nation, though it agreed not to increase shipments, according to officials familiar with the negotiations.

Beijing's threat comes just a day after it called for dialogue based on mutual respect.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.

U.S. LNG exports were worth $3.3 billion in 2017.

China, the world's biggest oil importer, took a record volume from the USA in June, increasing the potential hit to American producers if China does enact tariffs. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

The US economy is more insulated from trade concerns, but Chinese leaders have retaliated strategically, targeting products made in Republican districts and final goods, like soybeans, that can be purchased elsewhere.

Tsinghua University economist Yuan Gangming said the measures China had taken were reasonable. This showed that China was trying to find ways to avoid escalating the trade war, and leave room for negotiation.

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