China warns of new tariffs on USA goods

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The United States reached a surprise deal on trade last week under which Washington agreed not to put any new tariffs on imports from the European Union, forestalling a possible 25 percent levy on auto imports the Trump administration has been considering.

China is willing to resolve differences with the United States "on the basis of an equal footing and mutual respect", China's top diplomat said after meeting U.S. Secretary of State Mike Pompeo. China responded with tariffs on $34 billion in USA goods, including a wide range of agricultural products.

Trump's tariffs target goods the White House says benefit from industrial policies such as "Made in China 2025", which calls for developing Chinese competitors in robotic, artificial intelligence and other fields.

The step is reportedly being considered by the White House in order to narrow the trade deficit between the United States and China.

The news came Friday out of China's commerce ministry that the country will be imposing $60 billion in retaliatory tariffs on news that the United States plans to raise the rate for $200 billion in proposed tariffs on China, from 10 percent to 25 percent.

Officials with the Alaska Gasline Development Corp. - the leading powerhouse behind the state's liquefied natural gas project - haven't said much about the immediate consequences of such tariffs, but continued to defend the forward movement of the project despite current tensions.

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President Trump has threatened to up the ante further by slapping £150bn ($200bn) worth of Chinese goods with levies of up to 25 percent.

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In mid-July, China slammed the USA threat to expand tariff hikes to imports, as reported by NBC News, calling the idea a "totally unacceptable" escalation of the trade battle.

Meanwhile, Beijing's Foreign Minister, Wang Yi, met with his US counterpart, Mike Pompeo at the ASEAN Foreign Minister's Meeting in Singapore on Friday.

The Chinese Commerce Ministry blamed the USA for escalating the situation.

The U.S. hit back with tariffs on 1,300 Chinese goods worth $50 billion.

Speaking just hours after China unveiled the countermeasures on Friday, Larry Kudlow, Trump's chief economic adviser, said the USA president was willing to follow through with his threats, in a stark warning to Beijing. So far this year, the trade gap is up more than 7 percent from January-June 2017. "This would be a tremendous missed opportunity and would have very real effects on the U.S. LNG industry", he said.

The United States was the fourth-largest supplier of foreign chocolate products to China in 2017, worth around $24 million, after Italy, Russia and Belgium, according to customs data.

Small- and medium-sized planes were on the list of goods that would be slapped with an additional 5 percent tariff.

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