BEIJING (Reuters) – China on Friday announced retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signaling that it won’t back down in a protracted trade war with Washington. China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 percent. Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement. The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports. China immediately vowed to retaliate though at the same time urged the U.S. to act rationally and return to talks to resolve the dispute. The United States and China implemented tariffs on $34 billion worth of each others’ goods in July. Washington is expected to soon implement more tariffs on $16 billion in additional Chinese goods, which China has already announced it will match immediately. Representatives for the White House and the U.S. Commerce Department did not immediately reply to a request for comment on China’s retaliatory move.… continue reading
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