China won't accept US trade 'blackmail' - state media
06 August, 2018, 07:59 | Author: Orlando Hughes
That's in stark contrast to the US' one-size-fits-all tariff approach, which was ill-considered, they said.
The two countries engage in the trade of goods and services to the tune in excess of 650 billion dollars each year, the highest of any two countries in the world. The Chinese duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of American imports, the Ministry of Finance said in a statement on its website.
The US has already imposed tariffs on Chinese goods worth $US34 billion ($A46 billion), with further tariffs on goods valued at $US16 billion expected to follow. On Friday, the Ministry of Commerce described its planned response: four different types of tariffs on $60 billion of US goods.
China's proposed import tax is the latest in a tit-for-tat trade war between the two countries, which started in March when Trump signed a presidential order imposing tariffs on at least $50 billion in Chinese goods.
Trade tensions between the United States and China have been on the rise since April 2017, when President Donald Trump directed the US Commerce Department to investigate whether imports of steel and aluminum from China and other countries threatened national security.
The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit. The deficit in goods trade with China also rose.
"China will not rush to compete with USA numbers", it said, echoing comments made by state television. Washington also wants China to stop subsidizing Chinese companies with cheap loans, claiming that this allows them to compete unfairly.
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The decision was made in response to a US plan to raise tariffs to be imposed on 200 billion dollars of Chinese goods from 10 percent to 25 percent.
Trump's desire for others to play along with his drama is "wishful thinking", a commentary on the paper's front page said, arguing that the United States had escalated trade friction with China and turned worldwide trade into a "zero-sum game".
US President Donald Trump has said he is determined to reduce the large US trade deficit with China. The president is not about to back down.
Kudlow added: "We will not let China steal our technology". Much of the trade war with allies is really about US domestic politics and the upcoming US November midterm elections.
Still, two senior diplomats did meet earlier on Friday, on the sidelines of a regional summit in Singapore.
The goal of the talks was to "prepare for more formal negotiations" but the progress had been slowed down due to the mistrust on both the sides, the Post quoted official sources as saying.
U.S. Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China. But in the meantime, foreign nations are imposing tariffs on some US goods such as soybeans and whiskey.
However, Kudlow said there has been some communication "at the highest level" on trade between the United States and China in recent days. They include liquefied natural gas or LNG, metals and agriculture products, like flour and smoked beef. Last year, China imported some £100bn ($130bn) in goods from the United States.
Another $16 billion in US levies on Chinese goods will likely follow in the coming days or weeks, against which Beijing has said it will retaliate.
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