Published: Fri, August 03, 2018
Markets | By Otis Pena

White House says Trump's resolve is firm on China trade

White House says Trump's resolve is firm on China trade

China has once again threatened to slap retaliatory tariffs against the United States in response to the Trump administration's trade policies, this time targeting $60 billion in us imports with tariffs ranging from 5 percent to as high as 25 percent.

China's government has announced a US$60 billion list of American goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.

The ministry said timing of the implementation of the new tariffs on USA goods would depend on the actions of the US.

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

In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion.

The Trump administration had earlier threatened additional tariffs of $200 billion and has warned that it has more ammunition than Beijing in the escalating conflict.

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Speaking at a press conference on Friday, foreign ministry spokesman Geng Shuang said: "The Chinese side calls on the U.S. to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem".

Kudlow, who heads the White House's National Economic Council, said China was increasingly isolated in the trade arena, with Washington moving toward trade deals with the European Union and with Mexico.

China on Friday threatened to impose tariffs on $60 billion worth of USA goods.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."

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.

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