China plans to impose tariffs on US imports to offset its loss: MOFCOM
The Chinese Ministry of Finance (MOFCOM) announced Friday morning it will impose tariffs on US imports worth $3 billion in a bid to offset its loss incurred by the US' decision to impose tariffs on steel and aluminum imports.
The products include seven categories and cover 128 types of products, according to a statement on the website of the MOFCOM.
The ministry plans to impose 15 percent tariff on 120 types of products, like fruits, nuts, wine and seamless tubes, worth $977 million. A 25 percent tariff will be imposed on products that include pork and recycled aluminum products.
A MOFCOM spokesperson was quoted as saying in the statement that the US is citing the excuse of national security by imposing 25 percent and 10 percent tariffs on its steel and aluminum product imports. In line with WTO rules, China decided on a list for suspension of concessions.
If China and the US can't reach trade compensation agreements, China will impose tariffs on the first part of the list of products, the spokesperson noted, adding that tariffs will be imposed on the second part after evaluating the US' influence on China.
China reserves its right to adjust the tariff measures in accordance with practical situations and will fulfill necessary produces in line with WTO rules, according to the spokesperson.
MOFCOM also said it will take legal actions under the WTO framework, safeguarding the stability and authority of a multilateral trade system together with other WTO members.
On Friday morning (Beijing time), US President Donald Trump announced the US will impose tariffs on $50 billion of Chinese goods over "intellectual property theft."
The Chinese Embassy in the US said "It is a typical unilateral trade protectionist action. China is strongly disappointed and firmly opposes such an action."
The US persisted in conducting the "301 investigation" and announced relevant trade measures. The US is ignoring rational voices and disregarding the mutually-beneficial nature of China-US trade relations, along with the consensus reached by the two countries of managing differences constructively through consultations, said a statement on its website Friday.
"But China is not afraid of and will not recoil from a trade war. China is confident and capable of facing any challenge. If a trade war were initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures," said a statement released by the Chinese Embassy.
(Source: Global Times)