White House adviser warns China 'better not underestimate' Trump on trade - International

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In response to Donald Trump's indication that he would raise tariffs on over $200 billion of Chinese imports from 10% to 25%, Beijing in return stated that it is preparing retaliatory measures for tariffs on 5,207 different USA imports to China at variable tariff rates ranging from 5% to 25%.

U.S. President Donald Trump earlier proposed 10 per cent tariffs on an additional $200 billion of Chinese imports.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Commerce Ministry said in its statement.

Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the United States announced in March.

Retaliatory tariffs were necessary, China says, to "defend the dignity of the country and interests of its people" as well as "the mutual interest of all the countries in the world".

Trump threatened to slap a 25% tariff on $200 billion worth of Chinese goods, while China threatened tariffs on another $60 billion worth of USA goods. The White House initially announced tariffs - 25 percent on steel and 10 percent on aluminum - arguing they would protect US companies and allow for the creation of new manufacturing plants - key Trump promises in the 2016 presidential campaign. The administration then proposed a new 10% hike on $200 billion worth of Chinese goods.

Beijing warned on Friday that it was prepared to impose new tariffs on $60 billion worth of us goods if Washington ups the ante in the escalating U.S.

President Donald Trump's administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union.

The Ministry said it would impose tariffs ranging from five to 25 per cent on United States dollars 60 million worth of American products.

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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.

Gao added that China's tariff move remains very restrained, which signals that the nation has always opened its door to negotiations with the U.S. under the framework of the World Trade Organization, while reserving the right to deploy countermeasures. China's market declines weaken that nation's bargaining power in the escalating trade war, he added.

Meanwhile, the Chinese economy is likely to feel a pinch, but that doesn't mean the country will back down, William Zarit, the chair of the U.S. Chamber of Commerce in China, tells NPR.

White House spokeswoman Lindsay Walters also said there had been "high-level discussions on multiple occasions in the past few months" and Washington remained open to further talks with China. "The US carrot and stick tactics will have no effect on China but could bring disappointment to the countries and regions that oppose trade wars", the spokesperson said.

"Other countries use Tariffs against, but when we use them, foolish people scream!"

The timing of Friday's announcement hinted at that conflict.

Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on US companies and consumers.

Its response is to threaten retaliatory duties on 5,207 items originating in the United States, with tariffs ranging from 5% to 25%.

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