China to hike tariffs on USA goods in June

China defiant as Trump adviser admits US consumers pay tariffs

China said Monday it will impose tariffs on $60 billion worth of U.S. goods from June 1, in apparent retaliation after Washington announced plans to tax nearly all Chinese imports.

China's finance ministry said it plans to set import tariffs ranging from 5 percent to 25 percent on a target list worth about $60 billion.

"China's adjustment of tariff-adding measures is a response to U.S. unilateralism and trade protectionism", the statement said, adding that it hoped the United States would work with China towards a "win-win agreement".

The move comes in retaliation to the decision by President Donald Trump last week to more than double levies on $200bn worth of Chinese imports to 25%.

The trade war escalated on Friday after Trump hiked tariffs on $200 billion worth of Chinese goods, saying China had reneged on earlier commitments made during months of trade negotiations.

Trump announced the pair of meetings to reporters in the Oval office on Monday afternoon.

The hawkish Beijing-based Global Times, which often expresses the view of the Chinese Communist Party (CCP), said that China had no reason to fear a trade war with the U.S.

Kudlow also said that China needs to agree to "very strong" enforcement provisions for an eventual deal and said the sticking point was Beijing's reluctance to put into law changes that had been agreed upon.

"We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total Tariffs received, and distribute the food to starving people in nations around the world!" Therefore, China should not retaliate-will only get worse!

"Both sides will pay", Kudlow said when pressed on the issue.

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"Many Chinese scholars are discussing the possibility of dumping US Treasuries and how to do it specifically".

According to diplomats, Germany, whose exports of cars and parts to the United States are more than half the European Union total, wants to press ahead with talks to ward off tariffs on automakers Volkswagen, Mercedes and BMW.

Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.

White House National Economic Council director Larry Kudlow said in an interview on Sunday that "both sides" would likely suffer amid increased trade tensions with China.

"The unexpectedly good first quarter 3.2% GDP was greatly helped by Tariffs from China".

Scott Lincicome, an global trade attorney who works for the libertarian CATO Institute, said that this analysis was based on a "hypothetical" examination, and that "2 rigorous academic examinations" had shown that the cost of these tariffs rested with American consumers.

Beijing matched Trump's earlier 25% tariff on $50 billion of American goods.

In the USA, prices of soybeans, targeted by Chinese tariffs last year, fell Monday to a 10-year low on fears of a protracted trade war.

The US leader began the standoff past year because of complaints about unfair Chinese trade practices.

"We are determined and capable of safeguarding our legitimate rights and interests", said the spokesman, Geng Shuang.

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