China announced on Friday that it is ready to impose new tariffs on American goods worth about 60 billion dollars, at the cost of escalating the trade conflict between the two superpowers.
White House economic advisor Larry Kudlow immediately reacted to the news, warning China that “it should not underestimate President Trump’s determination to impose other measures” to “change Chinese trade practices”.
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The Chinese Ministry of Commerce stated that these potential countermeasures for American goods worth about 60 billion dollars are a response to the recent threat from the White House to increase tariffs on imports from China worth 200 billion dollars by 10 and 25 percent.
“The date of the introduction” of the new tariffs “will depend on the actions of the US,” the Chinese Ministry of Commerce added in a statement.
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Specifically, additional Chinese tariffs ranging from 5 to 25 percent would be imposed on 5,207 types of American products, the Chinese Ministry of Finance added in a separate statement.
Additional tariffs will apply to a large number of food products, including beef, as well as textiles, chemicals, aircraft parts, and liquefied natural gas.
China reserves the right to take “other countermeasures,” the Ministry of Commerce added, warning that “any threat and unilateral coercion will only exacerbate the dispute and harm the interests of both sides”.
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The communist regime has not closed the door to continuing negotiations, but only “dialogue based on mutual respect, equality, and mutual interest is the way to successfully resolve the trade dispute,” the Chinese Ministry of Commerce emphasized in its statement.
