Chinese state media compares Trump's trade policies to 'extortion'

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The action could threaten the health of the USA economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say. "China is not delivering, OK?"

Wang also hit back at comments by top White House economic advisor Larry Kudlow, who ridiculed China's tariff threat as "weak" and said the world's second-largest economy was in significant "trouble". The heightened tension comes amid a slowing of China's economy, declines in the currency and a bear market in stocks.

The United States alleges that China steals usa corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.

China on Friday announced retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling that it won't back down in a protracted trade war with Washington.

He also said China was "for the first time doing poorly against us".

While China says the "final measure and effective time will be announced separately", the proposed new list threatens a 25% tariff on 312 lines of yarn and fabric. Still, the potential for tariffs has China's largest refiner holding back on any purchases from the U.S. at least through September, according to a person familiar with the situation. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately.

That move was a response to the Trump administration's proposal of a 25-percent tariff on $200 billion worth of Chinese imports.

Everything from oak wood to veneered panels of laminated wood has been ensnared in China's escalation of the trade battle with the US Half of US hardwood production is exported, and the bulk goes to China, Michael Snow, executive director of the Sterling, Virginia-based American Hardwood Export Council, said Friday in a telephone interview. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

The highest penalties in today's list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election.

The new list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities are struggling to find enough imports their own economy can do without.

'Tariffs are working far better than anyone ever anticipated.

The Chinese government has said that it will make a final decision on if, when, and how these tariffs will be implemented next month.

The Commerce Department said on Friday the trade gap surged 7.3 per cent to $46.3 billion.

"President Trump inherited an unfair trade regime where American workers and American companies were not treated reciprocally or fairly by the Chinese, and the efforts of the Trump administration are to right that, to correct that", Pompeo told reporters on the sidelines of a regional forum in Singapore. The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit, but China's response suggests that tactic hasn't worked.

A first round of tariffs came into effect on 6 July, when the U.S. imposed 25% taxes on $34bn of Chinese imports.

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