China plans tariffs on $60bn of US goods in latest trade salvo

China plans tariffs on $60bn of US goods in latest trade salvo

"The U.S. side has repeatedly escalated the situation despite the interests of both enterprises and consumers", said China's Ministry of Commerce in a Web posting.

The latest exchanges in the mounting trade war between America and some of its biggest trading partners, including China, the EU, Canada and Mexico, comes amid early signs of damage for the world economy.

The U.S. president has accused China and others of exploiting the United States in global trade, and has demanded Beijing make a host of concessions to avoid the new duties on $200 billion of Chinese goods, which could be imposed in the weeks after a comment period closes on September 5. They also stressed that the White House needs to be clear about what it actually wants from China.

Beijing warned on Friday that it was prepared to impose new tariffs on $60 billion worth of us goods if Washington ups the ante in the escalating U.S.

The news came Friday out of China's commerce ministry that the country will be imposing $60 billion in retaliatory tariffs on news that the United States plans to raise the rate for $200 billion in proposed tariffs on China, from 10 percent to 25 percent.

The trade deficit with China rose by nearly 1% to $33.5bn.

The last time China was hit hard by growth fears, the shock waves rattled financial markets around the world, including in the U.S. In August 2015, the People's Bank of China stunned investors by lowering its target level for the yuan against the dollar, triggering a global selloff in stocks.

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"Cooperation is the only right choice for China and the United States", Chinese Foreign Minister Wang Yi said after meeting US Secretary of State Mike Pompeo in Singapore, according to China's official Xinhua news agency.

The step is reportedly being considered by the White House in order to narrow the trade deficit between the U.S. and China.

Washington and Beijing are locked in a battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how.

While Trump has threatened to put import tariffs on European cars, Kudlow said the president's recent transatlantic visit had led to constructive talks with the EU. The country also then vowed to protect its "core interests", with promised retaliation, including Friday's threat of new tariffs on the USA - an official threat of escalating the economic standoff even further. The next round of tariffs on mutual imports worth $16 billion could come into force on Friday.

The U.S. trade representative said Thursday they planned to up that 25 percent.

Beijing can not match those measures dollar for dollar, as its exports far exceed imports.

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