China threatens tariffs on $60 billion in United States goods

China is now threatening retaliatory duties on 5,207 items from the US – including clothing

The conflict is expected to be high on the gathering's agenda, with the U.S. and China already imposing 25 per cent tariffs on US$34 billion of each other's goods and duties on another US$16 billion in Chinese products in the pipeline.

China is trying to seek an "equal" position in future talks with the United States with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

"Copper is a global market that depends much less on regional trade flows and therefore tariffs in any one region should not have a material impact on the market", Chris LaFemina, an analyst at Jefferies, said by telephone from NY.

Washington is expected to soon implement tariffs on an additional US$16 billion of Chinese goods, which China has already said it will match immediately.

Meanwhile, Chinese state TV said: "The White House's extreme pressure and blackmail are already clear to the worldwide community".

"Such methods of extreme blackmail will not bear fruit against China".

April 9: China filed a complaint to the World Trade Organization (WTO) against Trump's metal tariffs.

President Donald Trump tweeted Sunday morning that his tariffs are "working big time" and made a freakish claim that the money raised from these new import taxes will go a long way to helping pay down America's large debt.

"[The] economy is now slowing and balance sheets are coming under strain after they tightened monetary policy past year and pushed up borrowing costs".

U.S. President Donald Trump claims that his tariffs on trade are "working big time", but this ignores signs that the best hope the United States had for boosting exports to China is being crushed as Beijing clamps down on energy imports.

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He predicted that the United States market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated.

During a July 20 CNBC interview, Trump said that he was willing to put tariffs on all $505.5 billion dollars worth of goods that China exports annually to the U.S.

Days later, Washington unveiled a list of another US$200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 per cent import duties.

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

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

US Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China.

LNG was another product where the United States had real potential to boost exports to China, something Trump touted before launching his trade war. China's market declines weaken that nation's bargaining power in the escalating trade war, he added.

"If money leaves China - and the currency could be a leading indicator - they're going to be in a heap of trouble".

"It is hard to predict how this trade war will develop and to what extent", Du Wanhua, deputy director of an advisory committee to the Supreme People's Court said in an article also in the People's Daily.

But China is somewhat limited with the extent of what tit-for-tat trade measures are at its disposal, as it exports far more goods to the U.S. than it imports.

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