China is poised to impose retaliatory tariffs on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals if Washington goes ahead with its latest trade threat.
China’s Finance Ministry today accused the Trump administration of damaging the global economy after the U.S. proposed increasing duties on $200 billion of Chinese goods in the second round of a dispute over technology.
“China is forced to take countermeasures,” reads a ministry statement, which goes on to say that retaliatory duties of between 5% and 25% will be imposed on 5,207 products “if the U.S. side persists in putting its tariff measures into effect.”
Washington imposed 25% duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology. Beijing retaliated by imposing similar charges on the same amount of U.S. products.
White House press secretary Sarah Huckabee Sanders told reporters today that “instead of retaliating, China should address longstanding concerns about its unfair trading practices.” Read the full story.
Meanwhile, the Houston Chronicle reports a 25% tariff on imports of U.S. liquefied natural gas could hinder an emerging industry that is attracting billions of dollars in investment to the the Gulf Coast.
China announces $60B of US goods for tariff retaliation
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