China Announces $60 Billion of U.S. Goods for Tariff Retaliation

President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China

The move is a response to the Trump administration's recent threat to raise the proposed tariff rate on an additional $200 billion worth of Chinese goods to 25% from 10%.

In a statement, the Commerce Ministry said the tariffs would be at rates of 5, 10, 20 and 25 percent.

"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 us goods.

Beijing fought back with matching tariffs on the same amount of US exports to China.

"Cooperation is the only right choice for China and the United States", Chinese Foreign Minister Wang Yi said after meeting US Secretary of State Mike Pompeo in Singapore, according to China's official Xinhua news agency. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect".

The latest round of U.S. tariffs would range between five per cent and 25 per cent and would hit 5,027 products - a variety of agricultural goods such as beef, as well as small planes, chemical components, textiles, liquefied natural gas and condoms.

Among US products targeted were a wide range of agricultural and energy products such as beef and LNG.

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"The U.S. side has repeatedly escalated the situation against the interests of both enterprises and consumers", it said. USA tariffs on another $16 billion worth of Chinese imports are set to be enacted at a later date.

The market is not large by value compared with the around $16 billion per year of United States crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions ofhouseholds to the fuel away from coal as part of its battle against smog.

"Some of the currency fall though I think is just money leaving China because it's a lousy investment, and if that continues that will really damage the Chinese economy", Kudlow said in a Bloomberg Television interview Friday with Jonathan Ferro.

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. The amount could be even larger if the United States resolves a logistics bottleneck.

China immediately retaliated by imposing levies on the same amount of USA goods. It had also become the largest buyer of US crude oil outside of Canada, but Kpler, which tracks worldwide oil shipments, shows crude cargoes to China have also dropped off in recent months.

"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".

China's biggest US imports by value in 2017 were aircraft and related equipment, soybeans and autos.

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