KXIP vs KKR Live Score

"In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions", the Chinese State Council Tariff Commission said in its statement on Friday.

Top White House economic adviser Larry Kudlow on Friday ridiculed China's threat of US$60 billion of retaliatory tariffs as "weak" and said the world's second-largest economy was in significant "trouble".

China recently threatened to slap retaliatory tariffs on an additional $60 billion in USA goods.

The tariffs would range between five per cent and 25 per cent and would hit 5,027 products, according to the finance ministry.

China's government has announced a $60 billion list of USA goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.

Saying it was "forced to act", Beijing cast the move as a response to Trump's threat on Wednesday to raise a proposed tariff rate on $200 billion worth of Chinese goods from 10 percent to 25 percent.

Business groups have alleged that the trade threats lobbed by both countries are hurting consumers and businesses but doing little to address the root causes of the imbalance, particularly as both countries have halted formal discussions.

The Bank of England said on Thursday protectionist trade policies were beginning to have an adverse impact, most notably on indicators of global goods trade.

"Any unilateral threat or blackmail will only lead to intensi-fication of conflicts and damage to the interests of all parties", said the statement.

US Secretary of State Mike Pompeo (left) and China's Foreign Minister Wang Yi (right) shake hands during their bilateral meeting at the 51st Association of Southeast Asian Nations (ASEAN) in Singapore on Aug 3, 2018.

Trump earlier proposed 10 percent tariffs on an additional $200 billion of Chinese imports.

Speaking just hours after China unveiled the countermeasures on Friday, Larry Kudlow, Trump's chief economic adviser, said the U.S. president was willing to follow through with his threats, in a stark warning to Beijing.

The US trade deficit - the gap between exports and imports - widened by 7.3% to $46.3bn in June.

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

The Trump administration slapped duties on $34 billion of Chinese goods last month, a move that also prompted immediate retaliation from China.

Beijing can not match those measures dollar for dollar, as its exports far exceed imports.


COMMENTS