China retaliates against Trump with tariffs on $60 billion of U.S. goods

Industrial goods and food products are among the US items subject to the new tariffs

The congressman said he "believes deeply in free trade" and has been "vocally opposed to the president's approach on the tariffs subject from the very beginning".

Trump had already imposed 25 percent tariffs on $50 billion in Chinese goods.

India to wait and watch While India has also been subject to USA tariffs of 25% on steel and 10% on aluminium exports, it has reportedly chose to postpone levying its own set of retaliatory tariffs on certain United States goods it had planned earlier this year.

Furthermore, if these tariffs do turn into an all-out trade war, with Trump going the full $505 billion and China throwing the kitchen sink in response, that's a protracted conflict that China would probably win.

"We have a tremendous trade imbalance with China", he said.

US President Donald Trump has slapped 10 per cent import tariffs on US$200bn of gear arriving in America from China. US crude exporters could find other buyers, but they might have to discount their oil more heavily.

At the root of the trade war are US complaints about China's plans to try to overtake USA technological supremacy.

"Indeed, we're facing greater difficulties in keeping stable performance of the Chinese economy".

"This has become a kind of USA routine", he said.

In Brussels, EU Trade Commissioner Cecilia Malmstrom described the new United States tariffs as "very regrettable" and added that Europeans were "at odds with Washington's methods".

Li indirectly acknowledged complaints about global trade regulation and affirmed Chinese support for reforms. Beijing agreed this year to join an initiative with the European Union to propose possible reforms. In the end, he calculates, some short-term pain will lead to new trade policies and accords that will prove more favorable to American companies and individuals.

He alleged that China had been unwilling to change its unfair trade practices and the new additional tariff structure would give fair and reciprocal treatment to American firms.

While Beijing has long proclaimed itself the pillar of globalisation and free trade, foreign companies operating in China say such lofty words are far from reality.

In the meantime, companies in Hong Kong and in mainland China are weighing whether the trade tensions will endure for two more years - or six. According to Canadian experts on China and trade, the only thing that's certain is that people in both countries would lose from a full-blown trade war.

Beijing has tried to appear restrained by doing no more than matching Trump's penalties.

In response, Beijing said on September 18 it plans to retaliate with tariffs against $60 billion worth of American products.

The U.S. duties targeted Chinese goods Washington says have benefited from improper industrial policies. Beijing's tariffs have hit soybeans and other farm goods from states that voted for Trump in 2016. "We'll see what happens". "No one will emerge victorious from this counter-productive cycle".

In the first two rounds of tariffs, the Trump administration took care to try to spare American consumers from the direct impact of the import taxes.

American technology vendors such as Cisco have previously warned that the tariffs will force them to push up their prices, hitting IT buyers in the wallet. If the Chinese economy slows under the weight of US import taxes, the global economy might also stumble, according to Stephanie Segal, deputy director of the Center for Strategic and worldwide and Studies, a Washington think tank.

"Most of the feedback I'm receiving is more of concern rather than an evident, immediate impact on businesses in the 3rd District", he said.

The latest U.S. duties spared smart watches from Apple and Fitbit and other consumer products such as baby auto seats.