Vietnam posts $3.1-billion trade surplus in Jan-July

Vietnam posts $3.1-billion trade surplus in Jan-July

Vietnam posts $3.1-billion trade surplus in Jan-July

"Unilateral threats and pressure will only produce the opposite of the desired result", Geng said.

"These [10%] duties, if applied, would cause disproportionate economic harm to United States interests", he stressed in testimony to USA trade officials, adding that any escalation would be catastrophic for U.S. companies.

Markets were however steady on Tuesday, given a boost by hopes for new negotiations.

The Chinese government did not specify what types of American products would be affected or when those tariffs would take effect.

The possible change in tariff rate will alter a public comment period for the proposed tariffs on $200 billion worth of goods ranging from Chinese tilapia fish to furniture and lighting products, extending a comment deadline to September 5 from a previously announced deadline of August 30, the officials said.

China is trying to seek an "equal" position in future talks with the United States with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

China vowed on Thursday to retaliate if the United States acted on a threat to raise tariffs on the Asian nation's exports, fueling fears in financial markets that the trade war between the world's two biggest economies would escalate.

Trump said last month that he's willing to impose tariffs on every good imported from China, which totaled more than $500 billion past year.

Meanwhile, the Chinese economy is likely to feel a pinch, but that doesn't mean the country will back down, William Zarit, the chair of the U.S. Chamber of Commerce in China, tells NPR. The U.S. responded by promising to support farmers with $12 billion in emergency aid aimed at making farmers better able to withstand the loss of sales to China.

Washington touted its initial tariffs as being carefully constructed to avoid having a big impact on USA consumers and companies, but the expansion of the tariff lists has drawn in more goods that can not be imported from outside China. "If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate right", Chinese Foreign Ministry spokesman Geng Shuang said in a press conference Wednesday.

The 25% tariffs would apply to the same products proposed in July. "Given the scope of the products covered, about half of all imports from China are facing tariffs, including consumer goods", Ennis said.

In June, Trump directed the US Trade Representative to prepare fresh tariffs on an additional $200 billion worth of Chinese imports, with a rate of 10 percent touted. "The cost increases will be passed on to customers, so it will affect most Americans pocketbooks".

Wang's comments came after the U.S. Trade Representative announced Wednesday it was considering raising import duties on $200 billion of Chinese goods by 25 percent instead of the previously planned 10 percent. Administration officials are exploring an additional $200 billion of goods on which tariffs might be imposed.

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