China announces $60B of U.S. goods for tariff retaliation

China announces $60B of US goods for tariff retaliation

In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion.

White House press secretary Sarah Huckabee Sanders countered by telling reporters today that "instead of retaliating, China should address longstanding concerns about its unfair trading practices". Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately.

The United States alleges that China steals US 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.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

"Cheniere continues to see China as an important growth market and LNG as a "win-win" between the United States and China", said Eben Burnham-Snyder, a spokesman at Cheniere Energy Inc (LNG.A), which owns one of the two LNG export terminals now operating in the United States.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

The market is not large by value compared with approximately $12 billion of US crude that came to China previous year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.

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The tariffs would range between five per cent and 25 per cent and would hit 5,027 products, according to the finance ministry.

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

Washington has vowed to take punitive measures to stop Beijing's Made in China 2025 industrial policy supporting domestic companies developing strategic advanced technologies, including robotics and artificial intelligence.

The dispute is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

[A] big driving factor behind the higher trade deficit this year is that US consumers are buying more stuff. The move was meant to bring China back to the negotiating table for talks over United States demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

Much of American industry and many members of Trump's own Republican Party have expressed outrage but have not so far successfully thwarted Trump's trade policies.

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