Duties ranging from 5 per cent to 25 per cent will be levied on 5,207 kinds of American imports if the usa delivers its proposed taxes on another US$200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday. China immediately retaliated by imposing levies on the same amount of U.S. goods. The next round of tariffs on mutual imports worth $16 billion could come into force on Friday.
China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of China's annual imports of American products.
"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of usa consumers...and hear the collective call of the worldwide community", Wang, a member of the country's state council, or cabinet, said in Singapore.
The US trade deficit swelled in June by the largest amount in 19 months, reversing much of May's trade-war driven export bonanza.
Speaking just hours after China unveiled the countermeasures on Friday, Larry Kudlow, Trump's chief economic adviser, said the USA president was willing to follow through with his threats, in a stark warning to Beijing. "The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Commerce Ministry said in its statement.
The polar fortunes of the USA agricultural industry cut off from Chinese markets and Chinese electronics firms cut off from the U.S. market makes it clear that in an ever more inter-connected world, while a trade war is mutually detrimental to all "combatants", in the specific case of China and the United States it is American producers that are clearly worse off than their Chinese counterparts in other industries. They also stressed that the White House needs to be clear about what it actually wants from China.
In thinking that China will be "broken" by U.S. tariffs, Donald Trump's nation is rapidly learning that a mutually disadvantageous trade war is far more disadvantageous to United States businesses than to Chinese industries.
Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods.
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.
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"The White House's extreme pressure and blackmail are already clear to the worldwide community", said a state television commentary.
However, speaking to reporters at the White House, Mr Kudlow said there had been some communication on trade "at the highest level" in recent days. "He (Trump) is going to stand tough". "China market has dropped 27% in last 4 months, and they are talking to us".
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.
Still, two senior diplomats met earlier on Friday on the sidelines of a regional summit in Singapore.
After talks between Washington and Beijing broke down in May, some see this as the Trump administration's way of forcing China back to the negotiating table.
"As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Wang said, adding that China contributed a huge amount to global economic growth.
"How can talks take place under this pressure?", he added. Many farmers are unsure who will buy their crops this year and next because of the trade war, and some small manufacturing companies have started laying people off.
Other US goods targeted by China in the latest list include semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, iron ore, steel products, roasted coffee, sugar, foods containing chocolate, candies, and even vehicle windscreens. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington.
US Treasury Secretary Steven Mnuchin called China's Vice-Premier Liu He last week in a bid to persuade Beijing to approve US chip maker Qualcomm's takeover deal of Netherlands-based NXP Semiconductors, the Post reported.