CHINA EYES $ 60B TARIFFS ON US GOODS

Beijing/ Singapore, Aug. 3: China proposed retaliatory tariffs on $ 60 billion worth of US goods ranging from liquefied natural gas ( LNG) to some aircraft on Friday, as a senior Chinese diplomat cast doubt on prospects of talks with Washington to solve their bitter trade conflict given US behavior.

The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $ 200 billion worth of Chinese imports. China immediately vowed to retaliate though at the same time urged the US to act rationally and return to talks to resolve the dispute.

The US and China implemented tariffs on $ 34 billion worth of each others’ goods in July. Washington is expected to soon implement tariffs on an additional $ 16 billion of Chinese goods, which China has already announced it will match immediately.

China has now either imposed or proposed tariffs on $ 110 billion of US goods, representing the vast majority of China’s annual imports of American products. Last year, China imported about $ 130 billion of US goods.

China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the US, with the extra levies ranging from 5 to 25 per cent.

Timing will depend on the actions of the US, the chinese commerce ministry said in a separate statement.

“The US side has repeatedly escalated the situation against the interests of both enterprises and consumers,” the commerce ministry said. “China has to take necessary countermeasures to defend its dignity and the interests of its people, free trade and the multilateral system.”