Last month, China unveiled a response list of tariffs on $60 billion of US goods ranging from liquefied natural gas to certain types of aircraft.
So far, the U.S. has imposed tariffs on US$50 billion worth of Chinese products to pressure Beijing to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies.
LONDON (Reuters) - European share markets followed Asian counterparts lower on Monday as investors took fright at news Washington was set to announce a new round of tariffs on Chinese goods in the latest escalation of their trade conflict. However, Beijing could be reserving that option for the next round of escalation, such as in retaliation for the potential $267 billion in further tariffs that Trump has threatened.
Beijing responded Tuesday by announcing new tariffs on $60 billion of USA imports.
Apple had said the USA tariffs would affect prices for a "wide range" of Apple products, including its Watch, in a letter commenting on administration proposals earlier this month. Still, American consumers could start feeling the cost of the tariffs for everyday goods, as the latest move brings all Chinese imports subject to a new tariff to $250 billion, roughly half of China's shipments to the United States a year ago.
In light of the USA action, China is reviewing plans to send a delegation to Washington for new talks, the South China Morning Post reported on Tuesday, citing a government source in Beijing.
On Monday, the US administration said it will begin to levy new tariffs of 10 percent on about $200 billion of Chinese products on September 24, with the tariffs to go up to 25 percent by the end of 2018.
China's yuan currency slipped against the dollar on Tuesday after news of the US measures.
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If the administration pursues what it calls "phase three" of the tariff strategy, it would raise the total value of affected Chinese goods to $517 billion - covering almost everything China sells the United States. Beijing is still ready to negotiate an end to the trade tensions, it said.
"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies".
To another question on whether China viewed escalation of tariff war by the USA as an attempt to contain Beijing's rise, Geng said, "regarding containment, I have never heard of that from any U.S. official".
He said that what the United States is doing now is "economic madness" that risks creating a vicious cycle for business that could have an impact in China and elsewhere. China's Ministry of Commerce said on Tuesday that it had filed a complaint with the WTO following Washington's latest tariff action.
US President Donald Trump has enforced higher import taxes will apply to more than 5000 Chinese goods.
On Monday, the Communist Party backed Global Times newspaper warned that if Trump went ahead with the tariffs, China would not just play defense. The U.S. levy is slated to rise to 25% at the end of the year.
Trump continues to ratchet up pressure on Beijing to change its trade practices.
These items were on the proposed list. of added duties on Chinese imports announced by the United States Trade Representative back in July.
"They want to make a deal", Trump said.
Overall prices for furniture are likely to increase 2% to 4%, according to a NRF report, as manufactures eat part of the new tax and pass part on to consumers.