China proposes $60 billion of US goods for tariff reprisal

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Finance ministry in China announced new sets of additional tariffs on 5,207 goods imported from the US
Finance ministry in China announced new sets of additional tariffs on 5,207 goods imported from the US

New Delhi : China announced retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft, as a senior Chinese diplomat throw doubt on prospects of talks with Washington to solve their harsh trade conflict.

The Donald Trump governance tightened pressure for trade concessions from Beijing this week by announcing a 25 percent tariff hike on $200 billion worth of Chinese imports. China promised to retaliate while also urging Washington to act rationally and return to talks to resolve the dispute.

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

China has now either imposed or just proposed tariffs on $110 billion of U.S. goods, representing the vast majority of China's annual imports of American products. Last year, China imported about $130 billion of U.S. goods.

The finance ministry of China revealed new sets of additional tariffs on 5,207 goods imported from the United States, with the extra taxes ranging from 5 to 25 percent.

"The U.S. side has repeatedly escalated the situation against the interests of both enterprises and consumers," it said. "China has to take necessary countermeasures to defend its dignity and the interests of its people, free trade and the multilateral system."

Adviser to U.S. President Donald Trump said the new tariffs were not as severe as the White House had been refreshing for, and he warned China not to test Trump's determination.

"They better not underestimate the president," White House National Economic Council Director Larry Kudlow said in an interview on Fox Business Network. "He is going to stand tough."