"China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers due to their loyalty to me What China does not understand is that these people are great patriots and fully understand that". The White House warned Monday that it would respond to any retaliation from Beijing with yet more tariffs on roughly $267 billion of Chinese exports.
While this all comes. after the two countries already imposed tariffs on 50-billion dollars' worth of each other's goods, .it seems that the trade war between the world's two economic superpowers will escalate further. with China expected to reject new trade talks if Trump moves ahead with the 200 billion worth of duties.
Mr Trump's move is his latest push against "unfair" trade policies which he says impact on U.S. jobs.
The US president had repeatedly criticized Chinese trade practices, calling them unfair.
"If the United States launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", Foreign Ministry spokesman Geng Shuang told reporters ahead of the expected announcement.
In the first two rounds of tariffs, the Trump administration took care to try to spare American consumers from the direct impact of the import taxes.
"The president's negotiating tactics do not work well with China's way of thinking", said Sung Won Sohn, chief economist at SS Economics in Los Angeles. They will either need to eat the costs of the 10% tariffs and suffer lower margins or pass them on to consumers.
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"We stand ready to negotiate with China anytime, if they are willing to engage in serious talks", said Larry Kudlow, the White House economic adviser, said earlier in the day at the Economic Club of NY. They raise the cost of a product by the amount of the tariff. China has said it will respond to the next round of USA levies with retaliatory tariffs on $60 billion of U.S goods ranging from liquefied natural gas to aircraft.
The White House has sought to pressure Beijing to reduce its trade surplus with America and protect intellectual property rights of United States companies, which it says are abused in China.
The U.S. additional tariffs "have brought new uncertainties for bilateral consultations", a Ministry spokesperson said.
"In order to safeguard its legitimate rights and interests and the global free trade order, China has no choice but to take countermeasures in lockstep", the commerce ministry said in the statement, which did not mention a previous threat to add tariffs on $60 billion in USA imports if Washington imposed this new wave of levies. "We really went item-by-item trying to figure out what would accomplish the punitive goal on China and yet with the least disruption in the USA". With Tuesday's hike, it covers $136 billion worth of U.S. goods when they take effect.
They warned, however, if Beijing decides to execute its own round of tariffs on American goods, the president will unleash further measures. The good news was that officials changed the list of items affected by tariffs on goods imported from China to exclude smartwatches and other Bluetooth devices. "We hope that China will come to the table and address the concerns we have raised".
Asked to comment on a list of possible forms of retaliation, Mr. Geng said he would not respond to "hypotheticals".
Separately, the Chinese Foreign Ministry too hinted that talks with the US could stall.
Beijing has retaliated in kind, but some analysts and American businesses are concerned it could resort to other measures such as pressuring United States companies operating in China.