China on Friday said it will slap additional tariffs on about United States dollars 60 billion worth of American products in retaliation to President Donald Trump's plan to raise duty on USD 200 billion Chinese imports, escalating the trade war between the top two economies of the world.
China's proposed import tax is the latest in a tit-for-tat trade war between the two countries, which started in March when Trump signed a presidential order imposing tariffs on at least $50 billion in Chinese goods.
As US President Donald Trump has been provoking trade disputes with several countries, Wang Wen, executive dean of the Chongyang Institute for Financial Studies, Renmin University of China, said it is impossible for the White House to ensure the "accuracy" of its tariff lists.
Beijing yesterday revealed more than 5,200 American-made products would be slapped with new levies in response to a threat by Donald Trump's administration to impose additional duties on $200bn of Chinese goods.
If China follows through on the threat, almost 90% of all U.S. goods heading to China will be subject to tariffs.
China plans to impose a 25 percent tariff on imports of USA -manufactured solar cells - but the world's biggest manufacture of solar cells now imports few of the cells used to make panels that generate power. The Chinese duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of American imports, the Ministry of Finance said in a statement on its website.
"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Chinese Commerce Ministry said in its statement.
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Among US products targeted were a wide range of agricultural and energy products such as beef and LNG. As the Financial Times noted, the fight has "become about the two countries' economic futures, with U.S. officials portraying their aggressive approach to Beijing as a way to protect America's economic future from a China that is intent on leading the world in areas such as artificial intelligence and robotics".
Jaguar Land Rover, the UK's biggest vehicle firm, also recently reported a loss for the first time in three years after sales slowed down in China. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis". These tariffs will become effective if the United States further hinders bilateral trade by renewing tariffs on more Chinese products, the commission said in a statement.
The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.
Then, in July, the United States imposed tariffs on $34 billion of Chinese goods to pressure the country into abandoning what the Trump administration describes as unfair practices such as stealing intellectual property. But a $1.5 trillion fiscal stimulus, which helped to power the economy to a 4.1 percent annualized growth pace in the second quarter, is assisting the United States in navigating the stormy trade waters.