China threatens to slap import tax on $60 billion of United States imports

The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25% tariff on $200 billion worth of Chinese imports

The investigation resulted in tariffs on steel and aluminum products from China and many other countries in March.

Trump announced a further round of 25 percent of tariffs June 15 on $50 billion worth of Chinese goods.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.

The Chinese are unable to match US tariffs on a dollar-per-dollar basis but Beijing can make it hard for USA companies doing business in China. Neither side is showing any sign of backing down.

President Donald Trump will keep pressing China for trade concessions, a top White House economic adviser said Friday, as the Asian nation continued the tariff escalation by announcing further retaliatory actions against USA goods.

And he said this approach has paid huge dividends, reviving the American steel industry and bringing manufacturing jobs to the U.S.

In a statement, the Commerce Ministry said China could add duties of 5, 10, 20 or 25 percent on 5,207 types of US imports.

"China, which is for the first time doing poorly against us, is spending a fortune on ads and P.R. trying to convince and scare our politicians to fight me on Tariffs - because they are really hurting their economy", he wrote on Twitter.

USA spirits and wine giant Brown-Forman has said it will increase the price of Jack Daniel's and other whiskeys in some European countries, according to media reports. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect".

Trump says he might delay shutdown showdown until after elections
And the president has yet to signal if the $5 billion that a House spending bill proposes for the border barrier would suffice. Trump campaigned on the promise of building a wall to deter illegal immigration and making Mexico pay for it.

China proposed a 25 percent tariff on imports of copper ore and concentrate from the USA, which shipped about 70,000 tons to the country a year ago.

"Every country on earth wants to take wealth out of the United States, always to our detriment", Trump tweeted, "I say, as they come, Tax them".

"Copper is a global market that depends much less on regional trade flows and therefore tariffs in any one region should not have a material impact on the market", Chris LaFemina, an analyst at Jefferies, said by telephone from NY. "We win either way".

"Tariffs are working far better than anyone ever anticipated", he claimed, citing a big drop in China's stock market.

Thus Marc Thiessen writes in The Washington Post that "contrary to what his critics allege, Trump is not a protectionist; rather, he is using tariffs as a tool to advance a radical free-trade agenda".

China has now either imposed or proposed tariffs on $110 billion of United States goods, representing the vast majority of China's annual imports of American products. "So, this unifies NAFTA and U.S. -Europe, Australia, Japan - China is increasingly isolated with a weak economy".

Separate releases recently showed growth in China's manufacturing sector slowing in July and one measure of USA consumer sentiment falling due to tariff concerns, according to media reports. They have to look past the fact that the Trump administration's only completed agreement on trade, the one it made with South Korea, involved getting that country to accept quotas on how much steel it can sell to Americans.

That particular set of tariffs has not yet taken effect.

"Year-to-date, the goods and services deficit increased $19.6 billion (R260 billion), or 7.2%, from the same period in 2017", the Census Bureau said in a press release.

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