Chinese tariffs on LNG, oil aim at US energy dominance agenda

US-China trade war may raise gadget prices

US-China trade war may raise gadget prices

The Trump administration ramped up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $270 billion worth of Chinese imports.

The ministry also said that the U.S. measures violated the World Trade Organization rules and damaged China's interests.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices, many of which are laid out in USTRs 301 report", Sanders told Breitbart News in a response to news of the $60 billion in Chinese retaliatory tariffs on us goods. Beijing retaliated by imposing similar charges on the same amount of USA products.

The People's Bank of China will impose a reserve requirement of 20 percent on some trading of foreign-exchange forward contracts, according to a statement on Friday evening.

Officials, however, downplayed suggestions that the move was meant to compensate for the recent decline in the value of the Chinese currency, which has threatened to take much of the sting out of Trump's tariffs by making imports cheaper.

China's targeting of USA liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent.

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The Trump administration slapped duties on US$34 billion of Chinese goods last month, which prompted immediate retaliation from China, and another US$16 billion will likely follow in the coming days or weeks.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers".

The U.S. has only started exporting LNG en masse in the last few years, owing to the explosion of natural gas production thanks to fracking and other drilling methods. While that could signal investors pulling money from the country, it could also help Chinese exporters manage the impact of higher United States import tariffs.

The US, the world's largest economy, has a trade deficit of nearly Dollars 500 billion with China, the world's second largest economy.

The latest exchanges in the mounting trade war between America and some of its biggest trading partners, including China, the EU, Canada and Mexico, comes amid early signs of damage for the world economy. The amount could be even larger if the United States resolves a logistics bottleneck.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

The Republican president has been keen to show he is tough on trade ahead of tricky congressional elections in November, joking at a rally in Pennsylvania on Thursday: "China is not happy with me". And U.S. pork and recycled aluminum was hit with a 25 percent tariff.

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