White House slams China’s ‘weak’ tariff threat and ‘lousy’ economy

White House slams China’s ‘weak’ tariff threat and ‘lousy’ economy

White House slams China’s ‘weak’ tariff threat and ‘lousy’ economy

The statement said the date of implementation of the taxes will depend on the "actions of the United States side" and China reserves the right to apply "other countermeasures".

The Trump administration ramped up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $270 billion worth of Chinese imports.

President Donald Trump asked the US Trade Representative to consider increasing the proposed tariffs to 25 per cent from the planned 10 per cent, USTR Robert Lighthizer said.

Slapping additional tariffs on Chinese imports - 60 per cent of which are made by foreign firms, including American companies - will only raise costs for domestic United States consumers, said Chinese Foreign Minister Wang Yi.

Officials, however, downplayed suggestions that the move was meant to compensate for the recent decline in the value of the Chinese currency, which has threatened to take much of the sting out of Trump's tariffs by making imports cheaper.

The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.

"It's hard to see how this action lends itself towards a resolution to what is increasingly becoming a trade crisis", he told AFP. "It has seriously violated the principles of the World Trade Organisation", Hong Kong-based South China Morning Post quoted the statement as saying.

China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on USA goods were rational and restrained.

Today's threat targeting a smaller amount of US goods reflects the fact that Beijing is running out of products for retaliation due to its lopsided trade balance with the United States.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6. The refusal by Beijing's anti-trust regulators to approve the deal effectively made Qualcomm the first casualty of the trade dispute, even though China said it had nothing to do with the issue.

Among U.S. products targeted in the latest Chinese salvo were a wide range of agricultural and energy products, including liquefied natural gas.

"Foreign investors don't want to be in China". LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington.

Morgan Stanley has estimated annual Chinese imports of U.S. LNG could rise to as much as $9 billion within two or three years, from $1 billion in 2017. While that could signal investors pulling money from the country, it could also help Chinese exporters manage the impact of higher U.S. import tariffs. The amount could be even larger if the United States resolves a logistics bottleneck.

Small- and medium-sized planes were on the list of goods that would be slapped with an additional 5 percent tariff. China is the world's biggest crude oil importer.

Did Trump's latest tweet cross a legal line for obstruction of justice?
Luka Modric will only leave Real Madrid for 750m president Florentino Perez