China says it will retaliate with tariffs on $60B of U.S. goods

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The threat comes as the US has increased rhetoric about the dispute.

Earlier this week, the White House said it was considering boosting tariffs on $200 billion worth of Chinese goods, raising those tariffs to 25 percent from 10 percent.

But Mr. Trump raised the stakes this week by asking the U.S. Trade Representative to consider increasing the proposed tariffs on the $200 billion worth of goods to 25%.

In a statement released on its website the ministry said the tariffs were necessary because the United States side has "repeatedly escalated the situation despite the interests of both enterprises and consumers". That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

Speaking just hours after China unveiled the countermeasures on Friday, Larry Kudlow, Trump's chief economic adviser, said the United States president was willing to follow through with his threats, in a stark warning to Beijing.

The U.S. trade gap is now on track to hit a ten-year high, despite a series of tariffs imposed on products and raw materials around the world by the Trump administration.

April 9: China filed a complaint to the World Trade Organization (WTO) against Trump's metal tariffs.

"Other countries use Tariffs against, but when we use them, foolish people scream!" It's likely that USA crude exporters will be able to find other buyers, but they may have to offer discounts or other incentives to build market share.

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The tariffs would be imposed at four different tax rates, China's Ministry of Commerce said in a statement. One of the biggest targets of the China tariffs has been farmers; Beijing is the biggest buyer of USA soybeans, importing more than $12.4 billion worth of the oil seed in 2017, according to the Peterson Institute for International Economics.

LNG was another product where the United States had real potential to boost exports to China, something Trump touted before launching his trade war.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints that Beijing's technology development tactics hurt American companies.

While China has to defend its right to develop, the Chinese people "really want to avoid a trade war", Global Times, a typically belligerent tabloid controlled by the People's Daily, wrote in an editorial yesterday evening. Beijing responded by imposing similar charges on the same amount of US products.

This latest move comes after it emerged Donald Trump's administration is considering hitting £154bn ($200bn) of Chinese imports with additional levies.

The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.

Evidently, the shuffling of stock market ranks didn't have much to do with Japan's rise but with China's fall.

It is not clear how long the temporary halt will last, but one of the sources said Unipec has no new bookings of US crude until at least October.