The Ministry of Finance said in a statement that the retaliatory measures were in response to the latest U.S. threat on July 11 to slap duties on Dollars 200 billion worth of Chinese products, and to raise those tariffs from 10 to 25 per cent.
According to He Maochun, an worldwide relations professor at Tsinghua University, the U.S. president's latest tweets defending his use of tariffs were mainly aimed at persuading Americans.
The one that's creating the most interest is the one with China, as the world's two largest economies wrangle for global influence. The 25 percent duty would be applied to the proposed list of $200 billion of Chinese products announced on July 10.
China on Friday announced its decision to impose additional tariffs of four different rates on 5,207 items of imported USA products worth 60 billion US dollars.
China's decision to threaten $60 billion of USA goods marks the first time this year that Beijing has not tried to match Washington's tariffs dollar for dollar.
The most recent threat from the Trump administration came this week, when it warned that it could impose steeper tariffs than originally planned on another batch of imports from China.
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US President Donald Trump has defended his controversial use of tariffs against China and other countries, saying the trade measures are "working far better than anyone ever anticipated". Cheniere Energy Inc., which began exports in February 2016 from a USA gas market glutted with the fuel, fell on the news. However, there's been little indication thus far that the tariffs will provide such a surplus in funding, and the national debt has continued to rise under the Trump administration.
"We do have significant exports to China, especially in mechanical machinery and electrical machinery", said Mousa Kassis, director of the Export Assistance Network at Youngstown State University. Washington also wants China to stop subsidizing Chinese companies with cheap loans, claiming that this allows them to compete unfairly.
President Donald Trump and China have been engaged in a tense trade war for over five months.
The United States slapped duties on $34 billion worth of Chinese goods, provoking a similar response from China.
"In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions", China's State Council Tariff Commission said in a statement.
The rising tensions have weighed on Chinese stock and currency markets, with the Chinese yuan falling against the dollar. "Don't underestimate President Trump's determination to follow through", Kudlow told Bloomberg Television in an interview. The president is not about to back down. Our market is stronger than ever, and will go up dramatically when these terrible Trade Deals are successfully renegotiated.
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Several countries, including China, had a say in the matter because Qualcomm sells its products globally and the proposed merger could have been seen as giving the company a price monopoly, it said.
Kudlow added: "We will not let China steal our technology".
Still, two senior diplomats did meet earlier on Friday, on the sidelines of a regional summit in Singapore. Meanwhile, Beijing's Foreign Minister, Wang Yi, met with his USA counterpart, Mike Pompeo at the ASEAN Foreign Minister's Meeting in Singapore on Friday. "They found they were hurt by rising costs, as a large number of products imported from China were hit by additional tariffs", Wang added. "But actually, as journalists have noted, how can talks take place under this pressure?"
China urges the United States to relax its controls over exports to China, and protect and promote the high-tech trade and cooperation between companies from both countries, the ministry said.
Among US products targeted were a wide range of agricultural and energy products such as beef and LNG. Last May, when talks were held in Washington, China agreed to increase its imports from the U.S. by up to $100 billion in return for at least a suspension of hostilities. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already said it will match immediately.
The statement said China reserves the right to apply "other countermeasures".
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