China says it will hit back at U.S. for ‘completely unacceptable’ tariffs

China says it will hit back at U.S. for ‘completely unacceptable’ tariffs

China says it will hit back at U.S. for ‘completely unacceptable’ tariffs

The planned new tariffs follow the 25 percent imposed on $34 billion in Chinese products, which Beijing responded to by hitting the same amount of US imports.

China said it is "shocked" after the United States announced plans for fresh tariffs, escalating a trade war between the two countries.

"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy". It's unclear what that action could include. The US hit Chinese exports worth $34 billion with a 25 per cent tariff last week and Beijing infuriated the White House by... "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.

China, which imports 60 per cent of the soybeans traded worldwide, bought 32.9 million tonnes from the U.S. previous year, accounting for 34 per cent of the total purchases. The latest list hits items that US households buy, including electric lamps, apple juice and fish sticks.

"The Chinese side is shocked by the actions of the United States", it said in a statement, according to a translation by Google.

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Overnight, Donald Trump began the process of slapping 10% tariffs on a further $200bn of imports from China, on top of the $34bn (soon to be $50bn) imposed last week.

The United States has chose to impose tariffs on $US200 billion ($279 billion) worth of imports from China after efforts to negotiate a solution to the trade dispute failed to reach an agreement, senior administration officials said on Tuesday.

ANALYST'S TAKE: "Given the magnitude and breadth of the tariff list, the impact is expected to ripple through supply chains and cause collateral damage on regional economies", Zhu Huani of Mizuho Bank said in a commentary.

The USTR said the latest action was in response to Beijing's failure to change its policies and its retaliatory duties. However, because China exports more to the USA than it imports there are limits on the amount of tariffs Beijing can impose on American goods.

The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable".

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As a leading grain trader in these regions, COFCO can help to meet domestic demand, Yu said. The prospect of an worldwide trade war has sent jitters through world markets.

"China stands in line with the worldwide community on the correct side of history to together protect the rules of the multilateral trade order", foreign ministry spokeswoman Hua said on Wednesday. "China has not changed its behaviour - behaviour that puts the future of the US economy at risk".

"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chair Orrin Hatch in a statement.

The tariffs will not be imposed until after a two-month period of public comment on the proposed list.

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