Published: Sat, August 04, 2018
Markets | By Noel Gibbs

China plans tariffs after latest U.S. trade threat

China plans tariffs after latest U.S. trade threat

Beijing said it has been, quote, "forced to act" after the Trump administration on Wednesday announced it was considering raising its proposed tariffs on 200-billion dollars worth of Chinese imports from 10 to 25 percent.

While previously China issued retaliatory tariffs targeting US goods in areas of the USA where President Trump typically finds support, Friday's announcement from China did not identify which USA goods would be hit with the $60 billion in new retaliatory tariffs.

The state-run Sinopec is waiting until it is clear when or if China's 25 per cent tariff threat on USA crude imports might begin, the person said.

It also said that the date of implementation of the taxes will depend on actions taken by the United States, while adding that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences.

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The declaration comes amid a growing U.S. -Sino trade spat.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) before their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore, yesterday.

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

In response to a question about White House economic adviser Larry Kudlow saying that China's latest measures are "weak", Wang said: "Does he want China to take an even stronger response?"

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The US and China implemented tariffs on $34 billion worth of each others' goods in July.

China's largest refiner, Sinopec, will delay making any purchases of U.S. oil for September amid concern that Beijing will slap tariffs on American crude, making imports more expensive, according to a person familiar with the matter.

Washington and Beijing are locked in battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how.

"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", said Lin Boqiang, professor on energy studies at Xiamen University in China.

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"China's countermeasures are rational", the Global Times, a tabloid run by the official People's Daily, said in a commentary. He noted that while previous Chinese responses to threats of U.S. tariffs had been swift, it waited two days before responding this time.

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