In Game of Chicken, China Announces $60B Tariff Plan

Warns US to expect countermeasure if US follows through with trade threat
By Jenn Gidman,  Newser Staff
Posted Aug 3, 2018 9:35 AM CDT
China's Plan on US 'Blackmail': Tariffs on $60B of Imports
China's President Xi Jinping takes his seat for the first closed session of the BRICS summit in Johannesburg, South Africa, on July 26, 2018.   (Mike Hutchings/Pool Photo via AP)

As Trump administration officials mull a possible 25% tariff on $200 billion of Chinese goods—up from the original 10% tariff being bandied about—China is taking its own steps in the newest round of trade threats. Bloomberg and CNBC report on joint statements from China's Ministry of Finance and Ministry of Commerce issued Friday, which note that if the US goes forward with its tariff plan, China will hit more than 5,200 types of US imports, worth $60 billion, with tariffs ranging from 5% to 25%. CNN notes the imports being targeted by China include everything from minerals, chemicals, and furniture to meat, coffee, and alcohol.

If and when China puts its tariffs into effect ultimately depends on what the US does, per the government statements. "China reserves the right to continue to introduce other countermeasures" and "any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties," the Ministry of Commerce's statement adds, per the Wall Street Journal. (More China stories.)

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