China unveils additional retaliatory tariffs on $60bn of U.S. goods

Market News>Trade Trump threatens higher tariffs on China China says it will fight back

On March 1, President Donald Trump announced that the US would be slapping a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports.

The Chinese government has said that it will make a final decision on if, when, and how these tariffs will be implemented next month.

Top White House economic adviser Larry Kudlow on Friday ridiculed China's threat of $60 billion of retaliatory tariffs as "weak" and said the world's second-largest economy was in "trouble".

"They better not underestimate the President", Mr Kudlow said in an interview on Fox Business Network.
China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the US imports to China each year.

The commerce ministry issued a statement saying the new duties would be applied if Washington pulled the trigger on President Donald Trump's threat to raise tariffs on $200 billion worth of Chinese goods.

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

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.

The Chinese commerce ministry blamed the United States for escalating the situation.

Among US products targeted were a wide range of agricultural and energy products such as beef and LNG. China immediately retaliated by imposing levies on the same amount of United States goods.

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. U.S. tariffs on another $16 billion worth of Chinese imports are set to be enacted at a later date.

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