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China urges United States to return to reason

China urges United States to return to reason

That led Trump to begin planning new tariffs on $200 billion in additional Chinese goods, triggering China's new plan to penalize imports on $60 billion in USA goods.

"On June 18, the President directed me to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent, in response to China's decision to cause further harm to US workers, farmers, and businesses by imposing retaliatory duties on USA goods".

White House economic adviser Larry Kudlow warned China after it announced its retaliatory tariffs, saying Beijing should not underestimate US President Donald Trump's determination to act on trade. "Now, the U.S. coerces and pressures others unilaterally". Beijing responded by imposing the same penalties on the same amount of USA imports.

China's government, however, shows no sign of bending to Washington's pressure.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Chinese Commerce Ministry said in its statement. But they have rejected changing technology development plans they see as a path to prosperity and global influence.

There's no end in sight, and the dispute could chill global trade and economic growth.

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

In 2017, the United States had a $376 billion trade deficit with China, which it is keen to cut.

The next wave of USA tariffs was set to kick in as soon as yesterday, with the possible imposition of duties on another US$16 billion of Chinese imports.




Chinese equities and the yuan extended losses yesterday afternoon, gaining downward momentum as concern over possible higher U.S. tariffs overwhelmed optimism about Beijing's pledge to support economic growth.

Whether or not the duties ultimately go into effect, the uncertainty is already creating turmoil for several businesses as they weigh their options for sourcing and production, with some scrambling to import goods before next month.

"This week, the President has directed that I consider increasing the proposed level of the additional duty from 10 percent to 25 percent", Trade Representative Robert Lighthizer said in a statement, Efe reported.

But the move drew swift condemnation from US business lobby groups anxious that tit-for-tat tariffs would start to hamper economic growth. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

The United States has imposed tariffs on other nations too, including Canada and Mexico, Washington's partners in the North American Free Trade Agreement.

"Goods flow from one country to another along the globalized industrial value chains", he said. But President Trump has done just the opposite, signing a large corporate tax cut that makes foreign investment in the USA more attractive, while forcing Congress to scale back its plans to place more restrictions on Chinese investment in the United States.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks. China also depends on trade more than the U.S.

The U.S. economy is heavily reliant on importing more than $500 billion in goods each year from China.

London Metal Exchange copper futures have been trending lower since reaching their peak for this year so far in early June, closing at $6,172 a tonne on Wednesday.

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