White House tells China to fix trade practices

White House tells China to fix trade practices

That's in stark contrast to the US' one-size-fits-all tariff approach, which was ill-considered, they said.

The US, the world's largest economy, has a trade deficit of nearly United States dollars 500 billion with China, the world's second largest economy. The Chinese duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of American imports, the Ministry of Finance said in a statement on its website.

China's foreign minister said Saturday (Aug 4) that his country's threat to impose retaliatory tariffs on US$60 billion of American goods in an escalating trade spat was "fully justified". Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all US imports from China.

The proposed tariffs cover more than 5,000 goods from the U.S. and the duties range from 5 to 25 percent.

"The implementation date of the taxation measures will be subject to the actions of the U.S., and China reserves the right to continue to introduce other countermeasures", China's Ministry of Commerce said in a statement. So this unifies NAFTA and U.S., Europe, Australia, Japan.

Hours later at a rally outside Columbus, Ohio, Trump told an audience of diehard supporters that playing hardball on trade is "my thing".

If it's the United States versus China, we're similar-sized economies.

The United States alleges that China steals USA corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense. Washington also wants China to stop subsidising Chinese companies with cheap loans, claiming that this allows them to compete unfairly.

The result could weigh on revised calculations of second quarter growth, which President Donald Trump hailed as a key The US bilateral trade deficits also expanded with China, the European Union, Canada and Mexico achievement of his economic policies last week after it was reported as the strongest GDP increase in almost four years.

The Chinese Commerce Ministry said a decision to impose additional tariffs was made in response to U.S. plan to raise tariffs on Dollars 200 billion of Chinese goods from 10 per cent to 25 per cent, state-run Xinhua news agency reported.

President Trump has used tariffs and the threat of new tariffs against countries - particularly China - as part of his economic policy, in an attempt to renegotiate trade deals. The president is not about to back down.

"At minimum, we will make much better Trade Deals for our country!"

Kudlow added: "We will not let China steal our technology". Neither side is showing any sign of backing down. "So, the basic foundation of US-China cooperation is very strong", he added.

Still, two senior diplomats did meet earlier on Friday, on the sidelines of a regional summit in Singapore.

Earlier this year, the United States also started charging levies on the imports of steel and aluminium from the European Union, Mexico, and Canada.

The irresolvable nature of these positions means that whatever talks, negotiations and manoeuvres may take place, the objective logic of events is towards intensification of the trade war and ultimately military conflict.

China's imports from the United States previous year totaled $153.9 billion. 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. The amount could be even larger if the United States resolves a logistics bottleneck.

"China is forced to take countermeasures", said a ministry statement. China is the world's second-largest importer of LNG and the third largest market for US LNG exports, with expectation that it will be the most significant source of additional demand in the future.

China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil.

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