China Plans Tariffs on $60 Billion of Imports to Counter Trump

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"We are coming together with the European Union to make a deal with them, so we'll have a united front against China and, I think, most of our trade team would tell you, we're moving close on Mexico", he said.

But amid that pushback is often the key caveat that Trump might sometimes be on to something.

According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the U.S. had "repeatedly escalated the situation against the interests of both enterprises and consumers".

Earlier Friday, a Chinese foreign ministry spokesman called on Washington to "come to its senses" and settle the dispute.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

Trump has ultimately threatened tariffs on over US$500 billion in Chinese goods, covering virtually all United States imports from China.

Morgan Stanley has estimated annual Chinese imports of U.S. LNG could rise to as much as $9 billion within two or three years, from $1 billion in 2017.

The highest penalties in Friday's list would hit honey, vegetables, mushrooms and other farm goods, targeting areas that supported Trump in the 2016 election.

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The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without.

It said retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the USA side persists in putting its tariff measures into effect".

Beijing's earlier penalty tariffs appeared to be created to minimize the impact on the Chinese economy by targeting goods such as soybeans and orange juice that are available elsewhere.

The trade war between the two superpowers has escalated in recent months after Donald Trump's administration imposed tariffs on $34bn of Chinese goods in July.

By comparison, companies in America sold £100bn ($130bn) of goods to China during the same period.

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

But Trump raised the stakes this week with his threat to raise the tariff rate.

"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.