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US threatens more tariffs, China warns of countermeasures

China today said US President Donald Trump’s threat to impose 10 per cent tariffs on USD 200 billion of worth of Chinese goods was “blackmail” and warned it was prepared to take countermeasures if Washington goes through with them.

The US “practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed international society”, China’s commerce ministry said in a statement on its website.

“If the US loses and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures.”

Earlier in the day, Trump unveiled plans today to impose 10 per cent tariffs on USD 200 billion worth of Chinese goods on top of previous punitive measures over Beijing’s “unacceptable” move to raise its own tariffs.

“Further action must be taken to encourage China to change its unfair practices, open its market to United States goods and accept a more balanced trade relationship with the United States,” Trump said in a statement.

The US leader warned that after the new measures are in place — on top of existing tariffs on USD 50 billion in Chinese imports — punitive measures on another USD 200 billion of Chinese goods would go forward “if China increases its tariffs yet again.”

The trade battle between two biggest world economies has led to tumbling in stock market as investors fear further decline in US-China trade relations.

Asian markets fell on Monday after Trumps announcement last week to impose 25 percent duty on $ 50 billion worth of Chinese goods. China retaliated, saying it would impose an additional 25 per cent tariff on more than 600 US products worth $50bn.

Brent crude was up by more than $1 to $74.50 a barrel despite suggestions that OPEC (Organisation for Petroleum Exporting countries) Producing would increase production later this year.

Countries in the oil-producing cartel led by Saudi Arabia – along with other big producers including Russia – will meet in Vienna later this week. Both countries want to boost output.

 

 

 

 

News credit: Indiatoday

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