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According to a Resource Recycling report, China's Ministry of Commerce on August 8 issued the latest list of tariffs the country is planning to implement on imports of goods from both the US and Canada. So far, his tariffs target about one-tenth of all Chinese imports to the United States.

The U.S. -China trade relationship is estimated at $650 billion annually.

Thirty-four days ago, the USA officially began taxing $34 billion in Chinese imports - and China immediately responded with reciprocal tariffs, thus kicking off day 1 of the U.S.

The Ministry of Commerce says it would impose tariffs at four different rates (5% to 25%) on the USA goods that would be targeted.

Meanwhile, China announced retaliatory tariffs of 25 percent on $16 billion worth of U.S. imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said.

In a statement Wednesday, the Chinese Commerce Ministry charged the United States has "once again put domestic law above global law by imposing "very unreasonable" new tariffs on Chinese goods".

China has been retaliating in kind. Beijing says it is ready to retaliate against $60 billion of American imports. India's Commerce Department had suggested keeping 25 percent tariffs on solar cells and modules imported from China on Monday.

The move comes as American companies complain that the more tariffs will eventually cost them more to do business and raise consumer prices.

Shipping data shows that US LNG sales to China have already slumped to 130,000 tonnes in July from nearly 400,000 tonnes in May, while supplies from the Asia/Pacific region have increased.

Exports to the rest of the world may have been helped by a weaker Chinese currency.

The U.S.is even willing to hurt allies and itself to make that point: The tariffs "will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea". And since 2007, domestic wholesale and retail proceeds have been higher than export earnings, with the gap widening at a slow but steady pace over the past decade.

Overall LNG output from Australia and the United States is rising as new and expanded projects are completed.

China's crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries.

Total natural gas imports - including pipeline gas and liquefied natural gas - rose to 7.38 million tonnes, up 28.3 percent from a year ago, customs said.

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Beijing has called on USA officials to be "cool headed", but has warned it will retaliate against any tariffs with its own measures.

Beijing has stepped up efforts, so far without success, to recruit governments including Germany and France as allies. -China tariff war as both sides dig into entrenched positions.

China's refined products exports last month were 4.57 million tonnes, almost flat from a year earlier.

While the policies have drawn loud complaints from USA companies that have become reliant on imports from China, they have been forcing multinationals to rethink their supply chains and start moving them away from China.

But a "negotiated truce is also possible," as "China now appears willing to discuss changes" to its Made in China 2025 initiative. China's imports of formulations from the USA recorded a CAGR of 13.8% during 2012 -2016.

China's stance now is that a resolution of trade tensions must not block its further economic progress, but adjustments to Made in China 2025 could happen.

Immediately after this announcement, the Chinese State Council clarified that "it considers it necessary to resolve this trade war through negotiations", but added that the blame for the aggravation of the situation "clearly lies with America" and stressed that Beijing will respond "dollar for dollar".

The author is a researcher at the International Trade and Economic Cooperation Institute of the Ministry of Commerce.

Hundreds of Western companies already have been reconsidering China's role in their supply chains, according to several people involved in such decisions.

Workers transfer Lithium-ion batteries in a factory in Taizhou in east China's Jiangsu province.

Doing the final assembly outside of China will allow companies to bypass the new US tariffs.

The threat of increasing protectionist measures may have also prompted China to open up its market to Indian pharmaceutical industry. The Trump tax cuts may have cushioned the market against trade wars, since they've boosted corporate profits and provided a tailwind to counter the headwind of tariffs.

These include 279 products ranging from motorbikes to railway carriages.

Information for this article was contributed by Joe McDonald and Paul Wiseman of The Associated Press and by Keith Bradsher of The New York Times.


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