Range of food features in China's new tariff salvo at US

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"Every country on earth wants to take wealth out of the USA, always to our detriment", Trump tweeted, "I say, as they come, Tax them".

Beijing said that it would retaliate with import duties on thousands of American products, including aircraft and liquified natural gas, if President Trump moved forward with plans to target Chinese goods worth $200 billion with a 25 per cent levy. It has also slapped 25 percent tariffs on $34 billion worth of Chinese imports. He accused China of the theft of intellectual property and repeatedly stressed that he doesn't like the trade deficit with Beijing.

The iPhones, Chevrolets and other products manufactured and sold in China by USA companies are mostly designed in the United States, and the Trump administration has declared various Chinese industries to be threatening US national security, illegally copying foreign intellectual property or causing widespread job losses in the United States.

"These are measures taken out of the consideration for upholding the interests of the Chinese people", he said, speaking through a translator.

"China's countermeasures with differentiated tariff rates are rational and restrained, and were proposed after extensively soliciting opinions and careful evaluation".

If China carries through on its latest threat, it will be imposing some form of tariffs on almost all of the $130 billion in goods it imports from the U.S.

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The president said Sunday his tariffs are working and will lead to better trade deals for the United States.

The latest volley in the trade row between the countries comes as Chinese leaders gather in the coastal resort of Beidaihe near Beijing for their informal, annual summit to discuss the domestic, economic and foreign policies of the coming year. It will be September at the earliest before the US decides whether to impose those tariffs.

While a strong US Dollar combined with a weaker Yuan will make many Chinese goods on the US market still highly competitive in terms of pricing in spite of tariffs, an equal and opposite effect is being felt by US producers whose warehouses of goods that would have normally been shipped off to China are now left to rot.

He predicted that the USA market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated.

China has unveiled plans to impose retaliatory tariffs on USA imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world's two largest economies. Last year, China imported about $130 billion in goods from the United States.

While China has to defend its right to develop, the Chinese people "really want to avoid a trade war", Global Times, a typically belligerent tabloid controlled by the People's Daily, wrote in an editorial yesterday evening. China continues to move forward while for U.S. farmers, the trade war has represented a major step backwards.

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The fear, now, is that the Trump administration will impose duties in a third round of tariffs covering all remaining products not already covered previously - which would undoubtedly include apparel and textiles made in China - the largest supplier of these products to the United States.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

However, a Chinese senior official attached to the country's Supreme Court recently expressed worry that the trade friction with the USA would result in bankruptcies for state-owned companies.

Why is China threatening more tariffs?

It is much more rational compared with the 25 percent tariff hikes threatened by the U.S. which is a trade "stick", " said Li Yong, a senior research fellow at the China Association of International Trade.

The dispute is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

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