The Finance Ministry on Friday accused the Trump administration of damaging the global economy after it proposed imposing 25 percent duties on $200 billion of Chinese products in a dispute over Beijing's technology policy.
The $34 billion of Chinese exports impacted by current tariffs amount to less than 7 percent of its total exports to the United States a year ago. The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.
"China is forced to take countermeasures", said a ministry statement.
Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from the Asian giant, demanding that Beijing make fundamental changes to its policies on intellectual property protection, technology transfers and subsidies for high technology industries.
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China is proposing a 25% tariff on imports of United States liquefied natural gas, a major blow to an emerging American business.
Still, despite the data, Trump reiterated in a tweet Sunday that his tariffs are working "big time".
The move is in response to threats by the Trump administration to raise the tariff rate on an additional $200 billion worth of Chinese goods. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect". The divergence between USA agriculture's collective struggle to retain healthy profits without access to the Chinese market and Huawei beating all of its American competitors to become the second most popular smartphone brand in the world just after South Korea's Samsung, is indicative of the fact that many of China's flagship brands cannot only survive but thrive even when being cut off from the United States market.
While a strong US Dollar combined with a weaker Yuan will make many Chinese goods on the US market still highly competitive in terms of pricing in spite of tariffs, an equal and opposite effect is being felt by US producers whose warehouses of goods that would have normally been shipped off to China are now left to rot.
"The US has repeatedly betrayed the consensus reached by negotiations, and accelerated the trade war unilaterally again".
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'Will depend on U.S'.
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Likewise, another of Trump's tweets claimed that foreign countries are paying the tariffs he has imposed on steel, aluminum and a variety of products being shipped from China.
White House press secretary Sarah Huckabee Sanders countered by telling reporters today that "instead of retaliating, China should address longstanding concerns about its unfair trading practices".
He also said China was "for the first time doing poorly against us".
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The president repeatedly mentions the United States trade deficit when talking about trade fights with China, the European Union, and Canada. After the earlier action against $34 billion of USA goods, that left about $120 billion available for retaliation.