White House slams weak Chinese tariff threat, lousy economy

China threatens tariffs on $60 billion in US goods

Commenting on the latest US move to add some Chinese companies into its list of entities subject to USA export controls, the MOC said that China stands firmly against USA unilateral sanctions on Chinese entities.

Last Friday, China's Finance Ministry introduced new sets of additional tariffs on 5,207 goods imported from the U.S. worth $60 billion.

In July, the USA published a list of $200bn-worth of additional products to be hit with tariffs of 10% - a figure the U.S. is now considering raising to 25%.

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

The question is what other tools the two countries may use, once they have no more goods upon which to impose tariffs.

According to new data, the United States trade deficit is growing despite Trump's tariffs.

In response, China slapped tariffs worth some $34 billion on 545 American goods, and on Friday, it said it's poised to impose another round on $60 billion worth of imports, including coffee, honey and industrial chemicals. Yet while the Chinese public and private sectors invest in one another based on the principles of the cyclically prosperous market socialist model, the USA is now being forced to subsidise (aka pay) its own farmers whose industry has been partly stagnated during the early stages of the trade war on China. Beijing retaliated by imposing similar charges on the same amount of US products.

China's one-party system gives President Xi Jinping several advantages in a trade war, such as the ability to control the nation's media, Selig said. These tariffs will become effective if the U.S. further hinders bilateral trade by renewing tariffs on more Chinese products, the commission said in a statement. The Chinese side seem to be seeking to match that ratio with the new proposals.

Beijing and Washington, D.C., imposed matching tariffs last month on $34billion apiece of each other's products and have plans to add $16 billion worth of goods to their lists.

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There's "some hint" the Chinese may be warming to the idea, and recently there's been some communications at the highest levels of both governments, Kudlow said. The worsening of the tension comes amid a slowing of China's economy, declines in the currency and a bear market in stocks.

Trump's measure of success at his OH speech appeared to be how much tariffs are hurting China.

The paper's lashes came after Trump's comments on Twitter from Saturday in which he said that his strategy of slapping steep tariffs on Chinese imports was "working far better than anyone ever anticipated".

"China's differential tax rate countermeasures are rational and restrained", the Ministry of Commerce said in a separate statement on its website. "China trade dispute. They expect solid economic growth momentum amid policy fine-tuning", it said.

Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details".

USA exports hit a record high in May as buyers stocked up on products before the tariffs.

The People's Daily editorial said the U.S. was "turning global trade into a zero-sum game" in the hope of forcing China to make a tremendous compromise.

"Governing a country is not like doing business", the editorial said, arguing that Trump's actions imperilled the national credibility of the United States. China market has dropped 27% in the last 4 months, and they are talking to us.

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