China proposes retaliatory tariffs on $60B of US products

China announced a list of $60 billion worth of U.S. imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats.

China would likely hike purchases from Saudi Arabia, Russia, the United Arab Emirates and Iraq if the tariffs slowed US flows, said Neil Atkinson, head of the oil industry and markets division at the International Energy Agency.

"The implementation date will be subject to the actions of the U.S., and China reserves the right to continue introducing other countermeasures".

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

"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. The next round of tariffs on mutual imports worth $16 billion could come into force on Friday.

The United States alleges that China steals USA 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. The U.S. trade representative said Thursday they planned to up that 25 percent.

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Trump threatens higher tariffs on Chinese imports
Since then, the USA has continued to expand the list of targeted goods , and even threatened to add tariffs on all Chinese goods . The source said President Donald Trump's administration could announce the tougher proposal as early as Wednesday in Washington .

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The Trump administration slapped duties on $34 billion of Chinese goods last month, a move that also prompted immediate retaliation from China. "It has seriously violated the principles of the World Trade Organisation", Hong Kong-based South China Morning Post quoted the statement as saying.

With LNG demand expected to skyrocket over the next 12 to 18 months, there are still some two dozen firms seeking to build new LNG export terminals in the United States and tariffs may limit their ability to secure sufficient buyers to finance their proposed projects.

"They better not underestimate the president", White House National Economic Council Director Larry Kudlow said in an interview on Fox Business Network. Washington also wants China to stop subsidizing Chinese companies with cheap loans, claiming that this allows them to compete unfairly. The move was meant to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

The two countries have not had formal trade talks since early June.

The US dollar has been strengthening since April as the central bank has been raising lending rates, which draws investors looking for higher returns. The inquiry found that Chinese theft of USA intellectual property was costing the US economy billions of dollars.

China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil. It had also become the largest buyer of USA crude oil outside of Canada, but Kpler, which tracks worldwide oil shipments, shows crude cargoes to China have also dropped off in recent months.

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