China announces tariffs on $60-bn worth of US goods in latest salvo

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China on Friday announced retaliatory tariffs on $60 billion worth of US goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling that it won’t back down in a protracted trade war with Washington.

China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 percent.

Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.
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The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports. China immediately vowed to retaliate though at the same time urged the US to act rationally and return to talks to resolve the dispute.

The United States and China implemented tariffs on $34 billion worth of each others’ goods in July. Washington is expected to soon implement more tariffs on $16 billion in additional Chinese goods, which China has already announced it will match immediately.

Representatives for the White House and the US Commerce Department did not immediately reply to a request for comment on China’s retaliatory move.

“The US side has repeatedly escalated the situation against the interests of both enterprises and consumers,” the Chinese Commerce Ministry said in its statement. “China has to take necessary countermeasures to defend its dignity and the interests of its people.”

Among US products targeted were a wide range of agricultural and energy products such as beef and LNG. 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.

The market is not large by value compared with the around $12 billion per year of US crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal as part of its battle against smog.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

Additional tariffs ranging from 5 to 25% have been imposed on 5,207 goods imported from the United States
Goods targeted include LNG, semiconductors, beef and aircraft
This is in retaliation after Washington threatened 25% tariffs on $200 bn Chinese imports

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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