China threatens to impose retaliatory tariffs on United States natural gas

China threatens to impose retaliatory tariffs on United States natural gas

China threatens to impose retaliatory tariffs on United States natural gas

The Ministry of Finance said in a statement that the retaliatory measures were in response to the latest United States threat on July 11 to slap duties on Dollars 200 billion worth of Chinese products, and to raise those tariffs from 10 to 25 per cent.

White House economic adviser Larry Kudlow said the yuan is falling partly because China is a "lousy investment", trash talking the world's second-largest economy after it threatened more retaliatory tariffs on USA exports.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year.

The People's Bank of China will impose a reserve requirement of 20 percent on some trading of foreign-exchange forward contracts, according to a statement on Friday evening.

A top adviser to U.S. President Donald Trump said the newly proposed tariffs were not as severe as the White House had been bracing for, and he warned China not to test Trump's resolve.

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U.S. President Donald Trump earlier proposed 10 per cent tariffs on an additional $200 billion of Chinese imports.

Among US products targeted were a wide range of agricultural and energy products such as beef and LNG.

The Chinese commerce ministry blamed the United States for escalating the situation.

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. The refusal by Beijing's anti-trust regulators to approve the deal effectively made Qualcomm the first casualty of the trade dispute, even though China said it had nothing to do with the issue.

Other U.S. goods targeted by China in the latest list include semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, iron ore, steel products, roasted coffee, sugar, foods containing chocolate, candies, and even auto windscreens.

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"The U.S. gas industry will be much harder hit by this as China imports only a small volume whereas U.S. suppliers see China as a major future market".

The yuan has also declined recently, threatening to take some of the bite out of tariffs by making imports cheaper, though the central bank took measures on Friday to stop it from further falling.

Washington and Beijing are locked in a battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as from the theft of American technological know-how. China's growing sweet tooth is seen as a big sales opportunity for global makers of cookies and chocolate bars like Mars and Hershey HSY.N .

China became the world's second-biggest LNG importer in 2017, as it buys more gas in order to wean the country off dirty coal to reduce pollution.

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