China hits back levying tariffs on $60bn of United States goods

President Donald Trump delivers his speech next to U.S. and Chinese flags as he and Chinese President Xi Jinping meet business leaders at the Great Hall of the People in Beijing

President Donald Trump delivers his speech next to U.S. and Chinese flags as he and Chinese President Xi Jinping meet business leaders at the Great Hall of the People in Beijing

China yesterday announced that it would take retaliatory tariff action against US$60 billion of US goods, sharply escalating the trade war as US President Donald Trump's administration considers imposing duties on virtually all Chinese imports.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), said at a conference in Tianjin that he hopes the two sides can sit down and negotiate on trade and that he looks forward to good China-US trade relations over the long term.

The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the United States bargaining position, while cost increases to consumers have been negligible and warned of more levies.

A later update threatened the semiconductor market and raised the estimated value of tariffed goods to $200 billion.

The US President also said he had great respect for Chinese President Xi Jinping, but the US goods trade deficit with China was too large and "we can't do that any more". "I urge China's leaders to take swift action to end their country's unfair trade practices".

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating global trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

Chinese Commerce Minister Zhong Shan held a meeting in Beijing on Monday with US, German, South Korean and Japanese company chief executives in which he warned, "there is no victor in the trade war".

"Unfortunately, China has been unwilling to change its policies involving the unfair acquisition of US technology and intellectual property".

The South China Morning Post cited a source Tuesday who said Trump's new tariffs will "likely" scuttle next week's talks.

"That's a lot to ask", he said.

"I think that kind of tactic is not going to work with China".

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President Donald Trump has prioritized military spending to modernize the country's armed forces and nuclear arsenal. About one-sixth of USA federal spending goes to defense, according to the Congressional Budget Office.

"They want to make a deal", Trump said.

The tariffs are meant to punish China for alleged unfair trade practices, including intellectual property theft. "The Administration will continue to encourage China to allow for fair trade with the United States".

The new tariff measures will take effect at 12.01pm local time on September 24.

The latest tariffs come after talks between the two countries failed to resolve the trade dispute. All of the items in Lam's letter were included in the final list.

He campaigned on a promise to tax imports and rewrite or tear up trade agreements that he said put US companies and workers at a disadvantage.

But despite their lobbying efforts, some of those products will remain on the tariff list.

After a seven-week comment period, the administration announced that it had withdrawn several items from an earlier list of $200 billion in Chinese imports, including child-safety products such as bicycle helmets.

"Tariffs are a tax on American families, period", said Hun Quach, RILA's vice president for worldwide trade. As counterintuitive as it might seem, the president sees this fact as ultimately helping US workers.

Sen. Heidi Heitkamp (D-ND): "The reckless escalation of the administration's trade war is having serious consequences for rural America, which is already suffering from the uncertainty and low commodity prices caused by the disruptions to our markets", Heitkamp said.

"Closing the reform gap will create better private companies in China, foreign companies", Harborn said.

Saunders predicted that some retailers will try to shift their production out of China, but he warned that quickly changing supply chains can be costly and pose a new set of challenges.

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