As the U.S. -China trade spat turns into a full-blown war with tariffs and retaliatory tariffs and threats of further tariffs, U.S. energy exports to China may suffer if Beijing follows through with its threat to slap tariffs on U.S. oil and oil product imports.
Beijing described the latest U.S. move as "totally unacceptable" bullying, and urged other countries to join China to protect free trade and multilateralism.
China is shocked by what the United States did... the Chinese government will, as always, be forced to take necessary countermeasures.
U.S. officials released a list of thousands of Chinese imports the administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum.
The Trump administration said the proposed list, which would put 10 percent tariffs on thousands of different categories of Chinese imports, is needed to increase the pressure on Beijing to change what the USA calls unfair trade practices.
But China has rebuffed US complaints and denied any harm was done to USA companies, and instead retaliated "without any worldwide legal basis or justification", Lighthizer said.
In a written statement, the trade ministry said Seoul has already reflected USA demands in the auto sector in the recently revised bilateral trade deal and Korean automakers contribute to the USA economy by manufacturing cars in their American factories.
The American announcement came Tuesday - days after the US began adding 25 percent tariffs on $34 billion of Chinese goods.More news: Chu Ready to Adapt Thai Rescue Story
The eventual goal is to impose tariffs on 40 percent of Chinese imports, the same proportion of U.S. goods hit by Beijing's retaliation, an official told reporters. The escalation of US tariffs on China comes in the wake of American trade battles with Europe, Canada, and Mexico and amid President Donald Trump's visit to Brussels for a North Atlantic Treaty Organisation summit.things up, better than ever before, but it can't go too quickly.
China vowed to fight back against the Trump administration's plans to impose tariffs on an additional $200 billion in Chinese goods, reported Xinhua.
The Office of the US Trade Representative proposed 10 per cent tariffs Tuesday on a list of 6031 Chinese product lines.
The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".
"One should give the Trump administration credit for getting China's attention because for many years there have been extended discussions about market access issues that plague foreign companies here in China, and the progress has been pretty slow", said Ken Jarrett, president of AmCham in Shanghai.
"They have been killing us", Trump said last week at a Montana rally.
The Retail Industry Leaders Association said new tariffs on Chinese imports would punish American families by driving up prices.
China's exports have mushroomed since it joined the World Trade Organisation in 2001, making it the world's second-largest economy and prompting widening criticism in recent years from trading partners that it has unfairly used global trade rules to its advantage. The U.S. actions are aimed at pressuring China to correct infractions identified by the Trump administration in an ongoing investigation "related to technology transfer, intellectual property, and innovation".