Publicado: Sáb, Agosto 04, 2018
Financiera | Por Marilu Caballero

White House slams China’s ‘weak’ tariff threat and ‘lousy’ economy


China has unveiled plans to impose retaliatory tariffs on United States imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world's two largest economies.

According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the USA had "repeatedly escalated the situation against the interests of both enterprises and consumers".

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 us trade deficit with the China.

The Chinese finance ministry said 5,207 goods imported from the USA could be subjected to the fresh tariffs, with levies ranging from 5% to 25% on products including aircraft, soya bean oil, smoked beef, coffee and flour. That threat is part of efforts to make it more painful for China "to continue their bad practices than it is to reform", US Commerce Secretary Wilbur Ross said Thursday on Fox Business Network.

It has also slapped 25 percent tariffs on $34 billion worth of Chinese imports.

China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest US crude oil buyer, Sinopec, suspended USA crude oil imports due to the dispute, according to three sources familiar with the situation.

Trump has threatened to slap tariffs on virtually all of China's exports to the United States.

White House economic adviser Larry Kudlow warned China after it announced its retaliatory tariffs, saying Beijing should not underestimate US President Donald Trump's determination to act on trade.

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Beijing's Customs Tariff Commission of the State Council said the tariffs would range from 5 percent to 25 percent.

Days later, Washington unveiled a list of another US$200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 per cent import duties. He told trade officials this week to consider raising that to 25 per cent.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

Trump campaigned on a promise to bring down America's massive trade deficits by renegotiating trade agreements and getting tough on countries like China that sell the US far more than they buy from it.

"It looks to me like the China economy is declining in growth", said Kudlow. The inquiry found that Chinese theft of USA intellectual property was costing the US economy billions of dollars.

"Foreign investors don't want to be in China".

President Donald Trump's administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union.

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