Economy

China threatens US with $60B in tariffs on coffee, honey

China threatens US with $60B in tariffs on coffee, honey”

China announced a list of US$60 billion worth of USA imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats.

The Trump administration last month enacted a 25% tariff on roughly $34 billion worth of Chinese goods, prompting Beijing to retaliate in kind, and then threatened to slap additional duties on almost all Chinese goods sent to the US.

The commerce ministry issued a statement saying the new duties would be applied if Washington pulled the trigger on President Donald Trump's threat to raise tariffs on $200 billion worth of Chinese goods. China immediately vowed to retaliate though at the same time urged the U.S.to act rationally and return to talks to resolve the dispute.

Washington is expected to soon implement more tariffs on $21 billion in additional Chinese goods, which China has already announced it will match immediately.

On March 1, President Donald Trump announced that the US would be slapping a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports.

The retaliation stands to further inflame tensions between the world's two biggest economies and echoes China's response to the previous round of tariffs which took effect last month.

China called its move a "necessary counter-measure".

Other U.S. goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee. The step is reportedly being considered by the White House in order to narrow the trade deficit between the USA and China. The Chinese commerce ministry blamed the United States for escalating the situation.

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



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