Chinese state media compares Trump's trade policies to 'extortion'

China lashes out at Trump's trade policy

Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all US imports from China.

China has once again threatened to slap retaliatory tariffs against the United States in response to the Trump administration's trade policies, this time targeting $60 billion in us imports with tariffs ranging from 5 percent to as high as 25 percent.

President Donald Trump this week ordered officials to consider imposing a 25 per cent tax on US$200 billion worth of imported Chinese goods, up from an initial 10 per cent rate.

Trump has accused China of pursuing unfair trading practices and stealing American firms' intellectual property, while using import tariffs to push Beijing towards renegotiating its trade policy with the US.

Beijing recently slapped additional duties ranging from five to 25 percent on $60 billion worth of American goods.

The Trump administration has imposed tariffs on $34 billion of annual trade with China, with $16 billion more due to be implemented in coming days.

Representatives for the White House and the US Commerce Department did not immediately reply to a request for comment on China's retaliatory move.

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"The U.S. side has repeatedly escalated the situation despite the interests of both enterprises and consumers", said China's Ministry of Commerce in a Web posting.

"China has to take necessary countermeasures to defend the country's dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the statement said. The list of products includes a variety of agricultural goods such as beef, as well as small planes, chemical components, textiles and liquefied natural gas. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington. The USDA estimates that soybean exports will plunge 11%in the year ahead because of the loss of the Chinese market.

"Because of tariffs we will be able to start paying down large amounts of the US$21 trillion in debt that has been accumulated, much by the Obama administration, while at the same time reducing taxes for our people", he said, referring to his predecessor Barack Obama. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis". That's a negligible amount for China, which imported 17 million tons total previous year, according to the US Census Bureau. The rise in per centage terms was the biggest since November 2016. While census data shows that the...

Trump has repeatedly used the threat of tariffs to try to force concessions from a range of USA trading partners around the globe, and this approach has had mixed success.

In addition, Beijing announced on Friday that it would add duties ranging from 5 to 25 per cent on an additional US$60 billion in U.S. goods if the Trump administration went ahead with similar action, warning that further countermeasures were ready at any time.

When adjusted for inflation, the trade gap increased to $79.3 billion in June from $75.5 billion in May. The government reported last Friday that trade contributed 1.06 per centage points to the economy's 4.1 per cent annualised growth pace in the second quarter.

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