China threatens tariffs on $60 billion in U.S. goods

Meanwhile, according to Kpler, crude exports to China dropped to an estimated 226,000 barrels per day (bpd) in July, after reaching a record 445,000 bpd in March.

China announced a $60 billion list of us goods on Friday including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.

Beijing's latest salvo came after the Trump administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion, suggesting the rate could be increased 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.

President Donald Trump asked the US Trade Representative to consider increasing the proposed tariffs to 25 per cent from the planned 10 per cent, USTR Robert Lighthizer said.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices, many of which are laid out in USTRs 301 report", Sanders told Breitbart News in a response to news of the $60 billion in Chinese retaliatory tariffs on USA goods.

China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of China's annual imports of American products.

Why is China threatening more tariffs?

But they have rejected changing technology development plans they see as a path to prosperity and global influence. Growth in factory output has begun slowing across advanced economies, while business leaders fear further escalation.

China immediately expanded its own list of types of US products to be tariffed, including farm products, cars and crude oil. U.S. LNG exports were worth $3.3 billion in 2017.

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The highest penalties in today's list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election.

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 U.S. hit back with tariffs on 1,300 Chinese goods worth $50 billion.

However, speaking to reporters at the White House, Kudlow said there had been some communication on trade "at the highest level" in recent days.

Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures".

By comparison, companies in America sold £100bn ($130bn) of goods to China during the same period.

The president's widening trade wars have concerned some American farmers who are anxious about the effect the feuds will have on their bottom line.

"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".

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