China Vows Retaliatory Tariffs on $60 Billion in U.S. Goods
China said it would retaliate against the Trump administration’s recent tariff threat with additional tariffs of its own on American goods worth $60 billion annually, as the trade war escalates between the world’s two largest economies.
Duties ranging from 5% to 25% would be levied on 5,207 kinds of American imports if the U.S. were to impose its proposed tariffs on another $200 billion of Chinese goods, the Chinese government announced Friday.
“The implementation date of the taxation measures will be subject to the actions of the U.S., and China reserves the right to continue to introduce other countermeasures,” China’s Ministry of Commerce said in a statement (link in Chinese).
The move followed White House confirmation that President Donald Trump on Wednesday instructed top U.S. trade official Robert Lighthizer to look at slapping an additional 25% tariffs on the Chinese goods, up from the 10% proposed on July 10, as Trump seeks to ratchet up pressure on Beijing in the intensifying trade dispute.
The proposed tariffs could not take effect before September, and no decision has been made, the officials said.
The planned tariffs could affect thousands of Chinese imports, including food products, chemicals, steel, aluminum and consumer goods that include furniture, bicycles, baseball gloves and beauty products.
The Commerce Ministry on Thursday pledged that “China will have to retaliate to defend the nation’s dignity and the interests of the people.”
The trade friction between China and the U.S. is growing bitter. The U.S. has already imposed 25% tariffs on $34 billion of Chinese imports and is on schedule to levy similar tariffs on an additional $16 billion of goods.
China has struck back with tariffs on $34 billion of U.S. imports, especially farm products. The country is ready to respond to measures from Trump whether they involve $16 billion or $200 billion of Chinese imports, Bloomberg News reported last week, citing an official in Beijing who asked not to be identified.
In an interview last month on business-news channel CNBC, Trump threatened to impose punitive tariffs on almost all imported goods from China.
China exported about $505 billion of goods to the U.S. in 2017, leading to a trade deficit of nearly $376 billion, U.S. government data show.
Contact reporter Han Wei (firstname.lastname@example.org)
Apr 01 16:00
Apr 01 15:51
Apr 01 13:31
Apr 01 10:40
Apr 01 03:10
Apr 01 03:06
Mar 31 18:19
Mar 31 17:11
Mar 31 13:09
Mar 31 12:54
Mar 31 09:32
Mar 30 17:37
Mar 30 15:43
Mar 30 12:54
Mar 30 10:06
- 1In Virus-Ravaged Wuhan, Hours-Long Queues to Collect the Ashes of the Dead
- 2Gallery: Bereaved Families of Wuhan Finally Allowed to Collect Their Loved Ones’ Remains
- 3Zhejiang Covid-19 Infection Highlights Threat from Asymptomatic Carriers
- 4Zhang Wenhong: Little Chance Coronavirus Pandemic Will End This Summer
- 5Coronavirus Live Updates (Thursday): G-20 Commits to $5 Trillion Injection; U.S. Jobless Claims Hit Record; Global Caseload Tops 500,000
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas