China plans tariffs on $60bn of imports to counter Trump

China threatens tariffs on $60 billion in US goods

China warns it could fire back with tariffs of $60 billion in U.S. goods

"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences", the Chinese commerce ministry said.

China recently threatened to slap retaliatory tariffs on an additional $60 billion in us goods.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 percent.

China on Friday said it will slap additional tariffs on about Dollars 60 billion worth of American products in retaliation to President Donald Trump's plan to raise duty on USD 200 billion Chinese imports, escalating the trade war between the top two economies of the world.

On Wednesday, Trump proposed a higher 25 percent tariff on $200 billion worth of Chinese imports.

"Some of the currency fall though I think is just money leaving China because it's a lousy investment, and if that continues that will really damage the Chinese economy", Kudlow said in a Bloomberg Television interview Friday with Jonathan Ferro.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries. "It has seriously violated the principles of the World Trade Organisation", Hong Kong-based South China Morning Post quoted the statement as saying.

An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fuelled growth.

"Cooperation is the only right choice for China and the United States", Chinese Foreign Minister Wang Yi said after meeting US Secretary of State Mike Pompeo in Singapore, according to China's official Xinhua news agency.

President Donald Trump and his administration have repeatedly called on China to stop unfair trading practices, stop technology and intellectual property theft, and for a decrease in the USA trade deficit with the China. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately.

The dynamic has proved hard to change, given US consumers' reliance on Chinese goods.

China is trying to seek an "equal" position in future talks with the US with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

"I told you, some people say, there has been more than 30 phone calls between Trump and Xi".

Beijing can not match those measures dollar for dollar, as its exports far exceed imports.

The threat came a day after Chinese officials appealed for dialogue based on "mutual respect", with Foreign Minister Wang Yi urging the US on Thursday to remain "cool-headed".

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