China Plans Tariffs on $60 Billion of Imports to Counter Trump

US-China trade war may raise gadget prices

"The implementation date of the taxation measures will be subject to the actions of the United States, and China reserves the right to continue to introduce other countermeasures", the Chinese government press release stated.

The US already imposed 25 per cent tariffs on US$34 billion of Chinese goods in early July, with another US$16 billion to be targeted in coming weeks, drawing an in-kind retaliation from China.

The Ministry said it would impose tariffs ranging from five to 25 per cent on United States dollars 60 million worth of American products.

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 tariffs would be imposed at four different tax rates, China's Ministry of Commerce said in a statement.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

China had curtailed its imports of U.S. LNG over the last two months, even before its formal inclusion in the list of potential tariffs.

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"The U.S. side has repeatedly escalated the situation against the interests of both enterprises and consumers", it said.

"They better not underestimate President Trump's determination to follow through on our asks".

The minister added: "China has to take necessary countermeasures to defend its dignity and the interests of its people". China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

But Mr Trump ratcheted up the pressure this week by asking US Trade Representative Robert Lighthizer to consider increasing the proposed tariffs to 25 per cent in a bid to force Beijing back to the negotiating table amid stalled talks.

The $43 billion project is still in development, and the Alaska Gasline Development Corp said on Friday that it believes the "current trade tensions between the United States and China will be resolved well in advance of Alaska LNG exports to China". The list of products includes a variety of agricultural goods such as beef, as well as small planes, chemical components, textiles and liquefied natural gas.

The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without. That threat is part of efforts to make it more painful for China "to continue their bad practices than it is to reform", US Commerce Secretary Wilbur Ross said Thursday on Fox Business Network. So far this year, the trade gap is up more than 7 percent from January-June 2017.

China's tariffs could threaten to significantly dampen the growth of LNG exports, which have been central to Trump's energy agenda.

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