China unveils retaliatory tariffs on $60B of United States goods in latest salvo

China unveils retaliatory tariffs on $60B of United States goods in latest salvo

"China to take necessary countermeasures to defend the country's dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the statement said.

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt USA families and workers more than they will hurt China", a major trade group, the National Retail Federation, said in a statement last week.

The United States and China implemented tariffs on $34 billion worth of each others' goods in July.

That move was in response to the Trump administration's proposal of a 25-percent tariff on $200 billion worth of Chinese imports.

March 15: President Trump signed an executive order to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum imports from China and several other countries.

China has once again threatened to slap retaliatory tariffs against the United States in response to the Trump administration's trade policies, this time targeting $60 billion in USA imports with tariffs ranging from 5 percent to as high as 25 percent. The White House initially announced tariffs - 25 percent on steel and 10 percent on aluminum - arguing they would protect USA companies and allow for the creation of new manufacturing plants - key Trump promises in the 2016 presidential campaign.

China's imports from the United States past year totaled $153.9 billion.

More news: US trade deficit widens by $46.3 billion in June

The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.

The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday.

Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods.

"Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S". After the earlier action against $34 billion of US goods, that left about $120 billion available for retaliation.

The president fired off a pair of tweets vowing to tax any country that doesn't agree to "make or build" its products in the United States.

Shipping containers, including one labelled "China Shipping", are stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. So far this year, the trade gap is up more than 7 percent from January-June 2017.

For example, he claimed that China was financing advertisements to convince Americans to stop Trump's trade agenda.