China instead is threatening roughly two-fifths of its USA purchases after Trump threatened two-fifths of China's much larger exports to the United States, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.
The move was in response to the United States threat of increasing the proposed additional duty on $200 billion worth of Chinese products from 10 percent to 25 percent. China says if that happens, it will follow through with its taxes, which will range from 5% to 25%. The move was meant to bring China back to the negotiating table for talks over United States demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit, but China's response suggests the move had failed.
"China to take necessary countermeasures to defend the country's dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the statement said. He also added that Beijing was now talking to the USA about trade.
While Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled USA soybean farmers and the many companies reliant on increasingly expensive steel as a raw material.
The White House says its tariffs are a response to China's "unfair" trade policies, including subsidies and rules that require foreign companies in some sectors to bring on local partners.
The paper's lashes came after Trump's comments on Twitter from Saturday in which he said that his strategy of slapping steep tariffs on Chinese imports was "working far better than anyone ever anticipated".
The market is not large by value compared with the around $16 billion per year of United States crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions ofhouseholds to the fuel away from coal as part of its battle against smog.
'Will depend on U.S'.
That may sound like small change in the overall context of US trade with China.
A first round of tariffs came into effect on 6 July, when the USA imposed 25% taxes on $34bn of Chinese imports. Cheniere, Tellurian Inc. and other LNG developers have been courting utilities and state-backed companies in China to fund construction of more terminals to ship the super-chilled form of the gas.
The United States alleges that China steals USA corporate secrets and wants it to stop doing so, and is also seeking to get Beijing to abandon plans to boost its high-tech industries at America's expense.
In Friday's announcement, China said it is readying tariffs on U.S. items that include agriculture and energy products, leather and machinery.
Three rounds of trade negotiations between senior US and Chinese officials earlier this year centered on USA demands for China to make structural changes to its economy and to reduce its trade surplus with America. It is much more rational compared with the 25 percent tariff hikes threatened by the United States. which is a trade "stick", " said Li Yong, a senior research fellow at the China Association of International Trade.
China on Friday said it would impose retaliatory tariffs on about $60 billion worth of U.S. goods if the Trump administration continued to escalate a trade war between the two countries.
Chinese officials are trying to reassure markets and the local population that the US moves would have little impact.
The editorial said the United States had escalated trade friction with China, and turned global trade into "zero-sum game".