China threatens new tariffs on $60 billion of USA goods

Here's Why Trump Is Hiking Chinese Tariffs To 25%

"China promises that it will continue to unswervingly push forward reform and opening-up based on established arrangements and pace, firmly support economic globalization, firmly safeguard free trade rules and multilateral trade mechanisms to realize joint development and share prosperity with all countries that pursue progress", the commission said.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

President Donald Trump this week ordered officials to consider imposing a 25% tax on $200 billion worth of imported Chinese goods, up from an initial 10% rate.

China responded with tariffs on $3 billion worth of USA items, largely agricultural products and metal. China has already retaliated against some of these measures.

China urges the United States to relax its controls over exports to China, and protect and promote the high-tech trade and cooperation between companies from both countries, the ministry said.

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There's no end in sight, and the dispute could chill global trade and economic growth.

The action could threaten the health of the US economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say. Last year, China imported about $130 billion of U.S. goods. After the earlier action against $34 billion of US goods, that left about $120 billion available for retaliation. Mexico president-elect, Lopez Obrador, sent his trade negotiator to Washington DC this past week to explore concessions with Trump. The new list included more machinery and aerospace products.

Calling the Chinese economy weak from the lawn of the White House in an interview with Bloomberg TV, Kudlow said: "The president has said time and again, that targeted tariffs are going to be part of the gameplan with China - unless, and until, they begin to meet our requests, and so far they have not".

China'a new tariffs would see 5,207 US-made products taxed at rates of 25, 20, 10 or five percent.

The ministry also warned that it reserves the right of further countermeasures in the intensifying trade war.

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The US trade war on China has therefore resulted in the US having to spend money on bailing out domestic industries that would not need the help if Washington officials would work to resolve the trade war on a win-win compromise. Other emerging market economies will have no choice but to follow China's devaluation lead.

The two countries have already imposed £26bn ($34bn) worth of tariffs on each others' goods as the trade war ramped up in July. The Trump administration is weighing an additional round of tariffs on $200 billion of Chinese goods.

After weeks of half-measure negotiations between the two countries, talks have broken down and now both the White House and Beijing are locked in a rapid escalation of trade threats that experts have predicted could damage both economies.

Others, including the US Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro, insist that the reduction in the US trade deficit while necessary is by no means sufficient.

Asian countries have voiced concerns about the potentially devastating impact of a US-China trade war, with ministers calling for the acceleration of talks for a enormous Beijing-backed free-trade deal that excludes the United States.

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