China hits back at United States with $60bn tariff threat

Posted August 04, 2018

"China will not rush to compete with US numbers", it said, echoing comments made by state television.

"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 USA goods.

U.S. Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China. The administration has repeatedly said it is eager to expand fossil fuel supplies to global allies, while Washington is rolling back domestic regulations to encourage more oil and gas production.

"The juxtaposition here is clear", said Michael Cohen, head of energy markets research at Barclays.

In the same month, the USA also unveiled a list of US$200 billion worth of Chinese goods that it intends to hit with 10 per cent import duties. China is the world's biggest crude oil importer.

More news: West Nile positive mosquitoes found in Peel Region

The U.S. -China trade relationship is estimated at $650 billion annually.

President Donald Trump blames the practices for putting U.S. companies at a disadvantage and helping to create a trade deficit.

The drop-off in crude cargoes comes as the United States has several large-scale liquefied natural gas export facilities under construction, and after Trump's late 2017 trip to China that included executives from USA gas companies.

The U.S. and European Union are working to form a "united front" against China that could soon expand, President Donald Trump's top economic aide said Friday.

In an editorial on Wednesday, the state-run China Daily called the US' move "gangsterism", and said it showed the U.S. had no qualms about squeezing as much as it could from trade partners.

More news: US Announces $113 Million In Initiatives In Indo-Pacific To Counter China

Meanwhile, according to Kpler, crude exports to China dropped to an estimated 226,000 barrels per day (bpd) in July, after reaching a record 445,000 bpd in March.

China has said new duties will be applied only if Washington pulls the trigger on its new tariffs.

There will be "others who will be offering barrels to China, so it could find itself able to replace lost volumes from the U.S.", Atkinson said. The deficit had narrowed in previous months as companies rushed out exports to beat the imposition of tariffs.

Wang also said on the sidelines of the forum that the United States was putting military pressure on countries in the region, including China. Last year, China imported about $130 billion in goods from the United States.

More news: Tesla hit major Model 3 production milestone in Q2 2018