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China retaliates in Trump trade war escalation

China has announced a series of retaliatory tariffs on $60bn (?45.6bn) of US imports after Donald Trump raised the stakes in his trade war with Beijing.
Chinese finance ministry officials confirmed plans for extra tariffs on a range of American goods, including liquefied natural gas (LNG), but reduced the duty levels it had originally proposed.They said the measures would apply from 24 September - the same day President Trump is to impose extra tariffs on $200bn worth of Chinese goods, mostly technology-related products.The White House announced on Monday night the higher import taxes would start at 10% before rising to 25% on 1 January.The US president warned there would be further tariffs on $267bn (€203bn) in Chinese imports if Beijing took "retaliatory action against our farmers or other industries"."Once again, I urge China's leaders to take swift action to end their country's unfair trade practices," Mr Trump said."Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection."

[IMG]https://e3.365dm.com/18/09/512x512/skynews-trump-jong-un-kim-jong-un_4417497.jpg" alt="Trump's global trade war: A timeline" class="sdc-article-strapline__image">
Trump's global trade war: A timeline
Donald Trump has increased tariffs on imports from the EU, China, Canada and Mexico as he pushes ahead with his pledge to protect American jobs

Mr Trump has threatened to target all $500bn (€380bn) of Chinese imports unless Beijing agrees to sweeping changes to its intellectual property practices and what his administration alleges are unfair trade practices.China denies the allegations.
In a victory for Apple and its US customers, smart watches and some other consumer electronics products - which are assembled in China - were removed from the latest US list.
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Farmers hit by tariffs but back Trump
In a statement, Mr Trump insisted China's trade practices "plainly constitute a grave threat to the long-term health and prosperity of the United States economy".The US had already imposed 25% tariffs on $50bn (€38bn) in Chinese imports.Mr Trump said: "For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies."We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly. But, so far, China has been unwilling to change its practices."
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Mr Trump has previously complained about America's massive trade deficit - $336bn (€255bn) last year - with China, its biggest trading partner.Financial markets have reacted calmly to the escalation - with US stocks following Chinese shares higher on Wednesday.
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