China imposes equal tariffs on United States imports in retaliation

17 June, 2018, 17:46 | Author: Charlene Valdez
  • Billions in new tariffs signal start of US-China 'trade war'

On Friday, the United States announced additional tariffs of 25 percent on Chinese imports worth approximately 50 billion USA dollars.

On Friday, the United States imposed additional tariffs of 25 per cent on import of Chinese goods worth $ 50 billion.

At the daily briefing here, Chinese Foreign Ministry spokesman Geng Shuang said, "If the USA side adopts unilateralism and protectionism and damages China's interests, we will respond in the first instance and take necessary measures to firmly safeguard our legitimate rights and interests".

In a statement, Trump said 25 per cent tariffs will be applied to Chinese goods that "contain industrially significant technologies".

Billions in new tariffs signal start of US-China 'trade war'
China retaliates as Trump slaps 25% duty on $50 bn worth of goods

The effective date of the tariffs on the remaining $16 billion of US goods will be announced later, according to the commerce ministry.

Beijing and Washington have held three rounds of high-level talks since early last month that have yet to yield a compromise, with Trump unmoved by a Chinese offer to buy an additional US$70 billion of U.S. farm and energy products and other goods, people familiar with the matter have said.

The Chinese Commerce Ministry also says it will impose duties of "the same scale and intensity" in response to the Trump administration's move to slap tariffs on $50 billion of Chinese goods.

Mr Trump has already slapped tariffs on steel and aluminium imports from Canada, Mexico, Europe and Japan, drawing a rebuke from U.S. allies. China's Commerce Ministry released a statement early Saturday morning insisting the country did not want a trade war, but would nonetheless "fight back vigorously" now that the U.S.is starting one. Among the specific goods listed by the Chinese government are "unrefined pig fat", coconuts with or without shell, all kinds of rice (including rice flour), frozen orange juice, whiskey, and octopus.

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The Co. brand's Envision sport utility vehicle, which starts at $31,995, is among the handful of autos imported into the US from China.

American auto giant Ford has sold 338,386 cars thus far in China in 2018, about one-third the number in the U.S., and had welcomed a Chinese plan to lower tariffs on auto imports.

The productivity and robust sales of American agricultural products leave them in the cross hairs of anyone trying to gain leverage against the U.S.

As part of President Donald Trump's trade agenda, the United States has launched another volley of tariffs - this time on China.

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The latest list specifically targets products that benefit from China's industrial subsidies, including the "Made in China 2025" technology plan. The spokesman added that this "undermines the world trade order".

Like the United States tariffs, China's retaliatory tariffs will be rolled out in two waves, the Finance Ministry said. "We've imposed import tariffs that will make it more expensive to buy and produce a whole range of goods here in the United States".

The new tariffs would take effect from July 6, according to the office of trade representative Robert Lighthizer.

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