BUSINESS China ready to impose tariffs on $60 bn worth of US goods in response to trade threats


China ready to impose tariffs on $60 bn worth of US goods in response to trade threats


01:31, August 04, 2018


Chinese Ministry of Commerce. (Photo: VCG)

China is ready to impose additional tariffs on $60 billion worth of American goods if the US follows through on its threat of increasing tariffs on Chinese imports, the Chinese Ministry of Commerce said on Friday.

The ministry said in a statement that the measure was rational and restrained, and was taken after wide public hearings and thorough evaluation. 

The decision takes into consideration people’s welfare, the way businesses would handle it, and the need to maintain the normal operation of the global industrial chain.

The two countries implemented tariffs on $34 billion worth of each others’ goods in July. On Wednesday, US President Donald Trump proposed to increase duties on $200 billion worth of Chinese imports from 10 percent to 25 percent.

Meanwhile, China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, between 5 to 25 percent.

Ranging from liquefied natural gas to some aircraft, the US goods targeted by China also included semiconductors, some helicopters, condoms, beef, steel products and coffee.

The implementation date of the new tariffs would be determined according to US actions, and China reserves the right to continue to introduce other countermeasures, the ministry noted. 

"China always believes that dialogue and negotiation on the basis of mutual respect, equality and mutual benefit are the only way to resolve trade differences and imbalances," it said.

The statement also noted that any unilateral threat or blackmail would only lead to the intensification of conflict and damage the interests of both sides. 

The ministry said that because the US has repeatedly taken escalatory steps, despite the interests of companies and consumers from both sides, China has to take necessary countermeasures to defend the country's dignity, the interests of its people, free trade, the multilateral system and the interests of all countries.

Meanwhile, the statement also emphasized that China will continue its reform and opening-up program, and would look to uphold economic globalization, free trade and multilateral trade.

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