China unveils additional retaliatory tariffs on $60bn of United States goods

Gladys Abbott
August 3, 2018

"Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".

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.

The measure was presented as a response to the United States on July 11 imposing a 10 percent tariff on imports of approximately $200 billion from China.

"The implementation date of the taxation measures will be subject to the actions of the United States, and China reserves the right to continue to introduce other countermeasures", the Chinese government press release stated.

In the weeks that have followed, both sides have matched each other's levies with retaliatory measures with no end in sight.

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The U.S. hit back with tariffs on 1,300 Chinese goods worth $50 billion.

The market is not large by value compared with the around $16 billion per year of USA crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions ofhouseholds to the fuel away from coal as part of its battle against smog.

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

They will apply to 5,207 American-made goods, including a range of agricultural products such as vegetable oils, smoked and salted beef, wheat flour and wine. China immediately retaliated by imposing levies on the same amount of United States goods.

The president's widening trade wars have concerned some American farmers who are anxious about the effect the feuds will have on their bottom line. Announcing a higher tariff is required ahead of the hearings and will send a signal that the Trump administration is upping the pressure on China to make serious concessions.

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