Economy

China threatens U.S. with $60B in tariffs on coffee, honey

China threatens U.S. with $60B in tariffs on coffee, honey”

"I might think the $60 billion is a weak response to our $200 (billion)", Kudlow said dismissively, while admitting that "there is a lot they can do to damage our companies in China".

The two countries have already imposed about $34 billion worth of tariffs on each other.

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.

White House economic adviser Larry Kudlow said the yuan is falling partly because China is a "lousy investment", trash talking the world's second-largest economy after it threatened more retaliatory tariffs on us exports.

"China has to take necessary countermeasures to defend its dignity and the interests of its people, free trade and the multilateral system".

Beijing said that it would retaliate with import duties on thousands of American products, including aircraft and liquified natural gas, if President Trump moves forward with plans to target Chinese goods worth $200 billion. That threat is part of efforts to make it more painful for China "to continue their bad practices than it is to reform", US Commerce Secretary Wilbur Ross said Thursday on Fox Business Network.

The yuan has also declined recently, threatening to take some of the bite out of tariffs by making imports cheaper, though the central bank took measures on Friday to stop it from falling any farther.

The United States alleges that China steals USA corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense. It said the 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".

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 percent. Jake Colvin, vice president of the National Foreign Trade Council, said the Trump administration could be boxing itself into a corner.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries. It had also become the largest buyer of USA crude oil outside of Canada, but Kpler, which tracks worldwide oil shipments, shows crude cargoes to China have also dropped off in recent months.

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.

The US, the world's largest economy, has a trade deficit of nearly Dollars 500 billion with China, the world's second largest economy.

It comes at a time when the United States has several large-scale LNG export facilities under construction, and after Trump's late 2017 trip to China that included executives from U.S. LNG companies.



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