China has said that levy new tariffs on more than 5,200 products of the united states, if the White House moves forward with its latest tariff threat.
The Ministry of Finance outlined the plan just days after the US said it was considering the possibility of higher rates on $200 billion of Chinese products than initially planned.
The chinese government accused the united states of “unilaterally” intensification of the tensions between the two economic giants.
They said that the functions ranging from 5% -25% $60bn worth of products in the united states.
The White House says that its rates are a response to China’s unfair trade policies, including subsidies and rules that require foreign companies to carry local partners.
President Donald Trump blames the practices to put us companies at a disadvantage and help to create a trade deficit.
The conversations this spring between the two countries about issues that could not achieve an agreement.
A first round of tariffs came into force on 6 July, when the tax 25% taxes on $34bn Chinese imports. China retaliated in kind.
Tariffs on another $16bn of products are outstanding, the second part of the tariffs on the $50bn value of imports of the united states announced in March.
US threats have intensified since, with the president, saying that he is ready to impose tariffs on all $500 billion of Chinese imports.
In July, the united states published a list of the $200 billion worth of additional products to be hit with tariffs of 10%, a figure which WE are considering the possibility of raising to 25%.
The tensions are already having an effect on trade flows.
The us trade deficit – the gap between exports and imports – widened by 7.3% to $46.3 million in June. The budget deficit had been reduced in the previous months as companies rushed out exports to beat the imposition of tariffs.
The trade deficit with China rose by 1% to us $33.5 million euros.