China lashes out at Trump’s trade policy

China lashes out at Trump’s trade policy

Trump threatened to slap a 25% tariff on $US200 billion worth of Chinese goods, while China threatened tariffs on another $US60 billion worth of USA goods.

Late on Friday, 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 five to 25 percent on a total value of goods less than half of that proposed by U.S. President Donald Trump's administration. "For instance, those United States products that become gradually indispensable for Chinese firms and consumers would be subject to additional levies of 5 percent".

Many of these goods are agriculture-related and others relate to various metals and chemicals.

An editorial of People's Daily, the mouthpiece of the Communist Party of China, said that the US President was starring in his own "street fighter-style deceitful drama of extortion and intimidation". The move was meant to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit, but China's response suggests that tactic hasn't worked.

Throughout all of this, the U.S. continues to criticise China's trade practices as "unfair" because of the domestic win-win relationship between central government and private producers.

"Cooperation is the only right choice for China and the United States", Chinese Foreign Minister Wang Yi said after meeting US Secretary of State Mike Pompeo in Singapore, according to China's official Xinhua news agency.

China's stocks were lower on Monday as Beijing's latest tariff warnings escalated the tit-for-tat US-China trade war. The Chinese side seem to be seeking to match that ratio with the new proposals.

The US has already imposed tariffs on Chinese goods worth $US34 billion ($A46 billion), with further tariffs on goods valued at $US16 billion expected to follow.

President Donald Trump is losing his trade wars - at least according to his favourite measure of success.




A Chinese Foreign Ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute.

National Economic Council Director Larry Kudlow said in a Bloomberg Television interview Friday.

The market is not large by value compared with approximately $12 billion of U.S. crude that came to China previous year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.

Taking into full consideration the interests of its people and companies, as well as the global value chain, the Chinese government made the decision to impose differentiated tariff rates targeting $60 billion worth of U.S. goods.

"China's economy, especially its manufacturing industry, has become highly diversified thanks to the sound supportive system and fast-growing domestic markets after decades of development", Tu said. Farmer groups have decried the trade tensions as soybean futures slumped.

He predicted that the United States market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated.

In another tweet, he said: "Tariffs will make our country much richer than it is today". "Likewise other countries. We are Winning, but must be strong!" Wang said on Friday they did not get into details.

This prompted an imposition of taxes on Chinese steel and aluminium imports.

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