China to hike tariffs on $60 billion in USA goods

US-China relations

Beijing is running out of imports to penalize due to the lopsided U.S.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018.

Beijing has already vowed to retaliate against Washington's Friday decision to impose 25 percent tariffs on $200 billion worth of Chinese goods. But three days later, Beijing had yet to say what it might do.

The trade war has made "many more people in China, not just the paranoid cadres, but a much broader swath of the elite and population realise or believe that America's goal is to keep China down", said Bill Bishop, publisher of the Sinocism China Newsletter.

"We are determined and capable of safeguarding our legitimate rights and interests", Foreign Ministry spokesperson Geng Shuang said.

"But China has taken so advantage of the United States for so many years, that they are way ahead (Our Presidents did not do the job)". And officials have targeted American companies operating in China by slowing customs clearance and stepping up regulatory scrutiny.

Mr. Trump also lashed out over the Mueller probe.

China's state media has sought to reassure businesses and consumers that the ruling Communist Party has the resources and policy tools to respond to the dispute with Washington. "China should not retaliate - will only get worse!"

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China has hit back in its trade war with the USA, announcing plans to impose tariffs on $60bn of American imports.

Imposing those tariffs would impact a wide range of consumer goods - clothes, shoes, toys, and electronics such as iPhones - that have been mostly exempted so far and could prompt steep cost increases that many Americans would likely notice.

The tensions "raise fresh doubts about this recovery path", Morgan Stanley economists Robin Xing, Jenny Zheng and Zhipeng Cai said in a report. NY time. The Dow Jones Industrial Average slid 2.1 percent, while the Nasdaq Composite Index tumbled 2.9 percent. That would push annual growth below six per cent, raising the risk of politically unsafe job losses.

US officials have blamed Beijing for reneging on previous agreements in the midst of lengthy talks toward a resolution of the ongoing trade war.

A study by economists from the Federal Reserve Bank of New York, Columbia University, and Princeton University found that the burden of Trump's tariffs - including taxes on steel, aluminum, solar panels falls entirely on U.S. consumers and businesses who buy imported products. But he said there were no "definite plans".

Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology. Trump's tariff hikes Friday on $200 billion of Chinese imports. "The way companies have done business for over 20 years would be turned upside-down overnight". "Buyers of product can make it themselves in the US (ideal), or buy it from non-Tariffed countries", Trump posted on Twitter on Sunday.

The "points" are a reference to the percentage increase in tariffs on Chinese goods, from 4 per cent to 25 per cent, compared to a more modest tariff hike the Chinese have recently enforced in the other direction.

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