China responds to Trump tariffs with proposed list of 128 US products to target

China responds to Trump tariffs with proposed list of 128 US products to target, by Nyshka Chandran.

China’s commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, according to a statement on its website posted Friday morning.

The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng, the ministry said. Those products could see a 15 percent duty, while a 25 percent tariff could be imposed on U.S. pork and recycled aluminium goods, according to the statement. …

The decision to target $3 billion in U.S. imports is significant, “but it’s not a lot in terms of the total U.S.-China relationship,” said economist Tony Nash, who is CEO and founder of data analytics firm Complete Intelligence.

Chinese imports from the U.S. are expected to hit $172 billion this year, he pointed out. …

Trump signed an executive memorandum on Thursday that will impose tariffs on up to $60 billion in Chinese imports. “This is the first of many” trade actions, the president said. The new measures will primarily target certain products in the technology sector where Beijing holds an advantage over Washington. …

That followed Trump’s executive order earlier this month that imposed broad duties on foreign aluminum and steel imports

World stock markets swooned last night.