Chinese People's Daily newspaper attacks US President Donald Trump on trade policies

Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

The trade policies of US President Donald Trump has been slammed by China which says the measure of "extortion" won't work.

Beijing yesterday revealed more than 5,200 American-made products would be slapped with new levies in response to a threat by Donald Trump's administration to impose additional duties on $200bn of Chinese goods.

China plans to slap additional tariffs on 5,207 categories of USA products with four levels of tariff rates - 25 percent, 20 percent, 10 percent and 5 percent.

A spokesperson from the Ministry of Commerce said the date of implementation of the tariff measures will depend on the actions of the United States, and China reserves the right to introduce other countermeasures.

China has either imposed or proposed tariffs on $110 billion in US goods, representing the vast majority of its annual imports of American products.

"I sense that we're seeing a hardening of attitudes on both sides", said Jacob Parker, vice president of China relations at the U.S. China Business Council. Yet while the Chinese public and private sectors invest in one another based on the principles of the cyclically prosperous market socialist model, the United States is now being forced to subsidise (aka pay) its own farmers whose industry has been partly stagnated during the early stages of the trade war on China. That's a negligible amount for China, which imported 17 million tons total past year, according to the US Census Bureau.

In terms of Trump's claim that money raised from the tariffs will help pay down the debt, the United States has a debt of over $21 trillion. Another $16 billion in levies will likely follow in the coming days or weeks.

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China has now either imposed or proposed tariffs on $110 billion of U.S. goods, representing the vast majority of China's annual imports of American products. The government announced it has prepared a list of $60 billion worth of US goods to hit with duties should the USA follow through on a plan to impose duties on an additional $200 billion of Chinese goods, as early as next month.

Among US products targeted in the latest Chinese salvo were a wide range of agricultural and energy products, including liquefied natural gas.

"Their economy's weak, their currency is weak, people are leaving the country", Kudlow said. "At minimum, we will make much better Trade Deals for our country!" he added. "China trade dispute. They expect solid economic growth momentum amid policy fine-tuning", an article in the official English-language China Daily newspaper said, citing Chinese economists. Wang said on Friday they did not get into details.

The Trump administration may be overestimating its ability to pressure Beijing into changing its economic behaviour, said Stefan Selig, managing partner at BridgePark Advisors LLC and former trade undersecretary at the Commerce Department under Barack Obama.

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.

The result is that both China and the United States are now using government funds to stimulate areas of the economy.

The market is not large by value compared with approximately $12 billion of United States crude that came to China past year, but LNG imports could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal.

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