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03 August 2018, 11:40 | Joann Bryant
US President Donald Trump. SAUL LOEB AFP Getty Images
"China has made full preparation for the USA threats to escalate the trade war, and will have to retaliate to defend national pride and the people's interests", China's Ministry of Commerce said in a statement Thursday on its website.
"The increase in the possible rate of the additional duty is meant to provide the Administration with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens", Lighthizer said.
"We hope that the trade policymakers in the USA will be cool-headed and listen to the voice of USA consumers. and also pay attention to the voice in the global community", Mr. Wang said.
On July 10, the United States announced a second possible round of tariff increases of 10 percent targeting $200 billion worth of Chinese imports, goods ranging from steel and aluminum products to cat food and baseball gloves.
US President Donald Trump's administration is proposing a higher 25 percent tariff on Chinese goods. "Now, the United States coerces and pressures others unilaterally".
The next wave of USA tariffs is set to kick in as soon as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports. Announcing a higher tariff is required ahead of the hearings and will send a signal that the Trump administration is upping the pressure on China to make serious concessions.
The White House had imposed tariffs on imports of steel and aluminium from the EU, drawing retaliatory levies on United States motorcycles, jeans and whiskey while prompting threats of even more measures from the White House, this time targeting the mighty European automotive sector.
Even if the USA tries to buy fewer goods from China through imposing tariffs on Chinese goods, it still has to buy these goods from other countries, he said.
The news about tariffs for China appeared shortly before the start of the negotiations round between the major world economies.
"But it's not just trade data weighing on the yuan sentiment, but the latest run of China economic data has been less than stellar playing into U.S. dollar versus the yuan policy divergence".
German firms operating in the US and China have been hit massively by the ongoing US-China trade conflict, as tensions escalate between Washington and Beijing.
The Chinese have already proposed buying more US goods in order to settle the dispute, only to have the White House-which wants to win a broader argument about intellectual property and subsidies-reject the proposal.
The plan to more than double the tariff rate was first reported by Bloomberg News. "Our farmers, our workers, are real patriots", Ross said.
Earlier this year Trump implemented tariffs on China, the European Union, Mexico and Canada, saying it was the surest way to secure improved trade deals.
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