Signalling the nation's readiness to respond to 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.
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 USA imports with tariffs ranging from 5 percent to as high as 25 percent.
"China is forced to take countermeasures", said a ministry statement.
"The implementation date of the taxation measures will be subject to the actions of the U.S., and China reserves the right to continue to introduce other countermeasures", the Chinese government press release stated.
Beijing's latest salvo came after the Trump administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion, suggesting the rate could be increased to 25 per cent. That threat is part of efforts to make it more painful for China "to continue their bad practices than it is to reform", US Commerce Secretary Wilbur Ross said Thursday on Fox Business Network.
China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest US crude oil buyer, Sinopec, suspended USA crude oil imports due to the dispute, according to three sources familiar with the situation.
The United States alleges that China steals US corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.
Aux USA, un couple gay a dû laisser sa place à un couple hétéro et quitter l’avion
On nous a donné le choix: abandonner la première classe et passer à la seconde ou de descendre de l'avion. L'équipage les a forcés, lui et son compagnon, à laisser leurs places à un couple hétérosexuel.
The latest exchanges in the mounting trade war between America and some of its biggest trading partners, including China, the EU, Canada and Mexico, comes amid early signs of damage for the world economy.
The Trump administration slapped duties on US$34 billion of Chinese goods last month, which prompted immediate retaliation from China, and another US$16 billion will likely follow in the coming days or weeks.
President Donald Trump asked the US Trade Representative to consider increasing the proposed tariffs to 25 per cent from the planned 10 per cent, USTR Robert Lighthizer said.
China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent. "That's not a good place for them to be vis-a-vis the trade negotiations", according to Kudlow, who is director of the National Economic Council. Washington also wants China to stop subsidizing Chinese companies with cheap loans, claiming that this allows them to compete unfairly.
Trump campaigned on a promise to bring down America's massive trade deficits by renegotiating trade agreements and getting tough on countries like China that sell the US far more than they buy from it.
The two countries have not had formal trade talks since early June. On Friday officials also stepped into cushion the yuan, which has been battered by trade tensions and was approaching the key level of seven to the dollar. The inquiry found that Chinese theft of USA intellectual property was costing the US economy billions of dollars.
"As the total value of goods under tariffs shoots up, China has little choice but to use LNG and others to top up the value", said Lin Boqiang, professor on energy studies at China's Xiamen University.