China won't accept USA trade 'blackmail': state media

China won't accept USA trade 'blackmail': state media

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%.

"The US measures are indiscriminately violating the relevant rules and global obligations of the World Trade Organization, further infringing the legitimate rights and interests enjoyed by China in accordance with the rules of the World Trade Organization and seriously threatening China's economic interests and security", China's Commerce Ministry said.

In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion.

The American Petroleum Institute, a trade association whose members include Exxon Mobil Corp, Chevron Corp and ConocoPhillips, said the new Chinese tariffs would hurt American workers.

US Treasury Secretary Steven Mnuchin called China's Vice-Premier Liu He last week in a bid to persuade Beijing to approve US chip maker Qualcomm's takeover deal of Netherlands-based NXP Semiconductors, the Post reported.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."

He said: "President Trump inherited an unfair trade regime where American workers and American companies were not treated reciprocally or fairly by the Chinese, and the efforts of the Trump administration are to right that, to correct that". The US imported US$506 billion in goods from China a year ago, and Trump has threatened to slap duties on effectively all imports from the Asian nation.

China plans to slap additional tariffs on 5,207 categories of United States products with four levels of tariff rates - 25 percent, 20 percent, 10 percent and 5 percent.

Days later, Washington unveiled a list of another US$200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 per cent import duties.

"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.

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The new China tariffs on the US will impact metals, chemicals, and agriculture-related items.

The Commerce Department said on Friday the trade gap surged 7.3 per cent to $46.3 billion.

Gao added that China's tariff move remains very restrained, which signals that the nation has always opened its door to negotiations with the USA under the framework of the World Trade Organization, while reserving the right to deploy countermeasures. The move was meant to bring China back to the negotiating table for talks over U.S. demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit, but China's response suggests the move had failed.

"They better not underestimate the president", White House National Economic Council Director Larry Kudlow said in an interview on Fox Business Network.

The deficits between the U.S. and Trump's main trade adversaries are also growing. China market has dropped 27% in the last 4 months, and they are talking to us.

The ministry issued four documents listing the goods from the U.S. that could face the new tariffs, with a range of food ingredients and finished foods featured, taking in sectors such as bakery, fruit and infant food, as well meat and confectionery.

Washington has vowed to take punitive measures to stop Beijing's Made in China 2025 industrial policy supporting domestic companies developing strategic advanced technologies, including robotics and artificial intelligence.

In addition, more than 500 goods on the lists aren't traded at all, and China imported less than a million dollars worth of about another 2,000 items, according to a Bloomberg analysis of 2016 trade flows.

Liang stressed that United States consumers would ultimately pay the price for Trump's irrational trade policies, pointing out that the U.S. imports its nitrosamines, an industrial raw material, from China.

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