China has unveiled plans to impose retaliatory tariffs on US imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world’s two largest economies.
Signalling the nation’s readiness to respond to the higher tariffs threatened by Donald Trump on $200bn of Chinese imports, officials in Beijing said countermeasures were ready and waiting for the next move from Washington.
The Chinese finance ministry said 5,207 goods imported from the US could be subjected to the fresh tariffs, with levies ranging from 5% to 25% on products including aircraft, soya bean oil, smoked beef, coffee and flour.
The move comes after Trump asked US trade officials to consider imposing a 25% tariff on $200bn of Chinese goods, up from the 10% level originally proposed last month, as the two countries attempt to reach an agreement on trade. China said at the time blackmail would not work and that it would hit back.
Speaking just hours after China unveiled the countermeasures on Friday, Larry Kudlow, Trump’s chief economic adviser, said the US president was willing to follow through with his threats, in a stark warning to Beijing.
Calling the Chinese economy weak from the lawn of the White House in an interview with Bloomberg TV, Kudlow said: “The president has said time and again, that targeted tariffs are going to be part of the gameplan with China – unless, and until, they begin to meet our requests, and so far they have not.
“They better not underestimate President Trump’s determination to follow through on our asks.”….