Location China China

China imposed counter-tariffs on some import products from the United States at 12:01 pm Friday immediately after new US tariffs took effect, the country’s customs authority said.

In response to the US announcement to impose additional duties on Chinese imports, the Customs Tariff Commission of the State Council announced it would levy additional tariffs for 545 items worth about $34 billion, including agricultural products, vehicles and aquatic products, starting July 6, 2018.

The Ministry of Commerce said the US’ $34 billion tariffs on Chinese goods violates the WTO rules and has set off the largest trade war in economic history, demonstrating a typical hegemonic attitude against the rules of world trade, said a statement by the ministry.

The ministry said the US’ move on trade will slow down the pace of global economic recovery and China will report to the World Trade Organization in timely manner about the US action.

This would be the first tangible action China would take in the trade tension between two countries as the US has kept provoking a trade war for months, not only with China, but also with the global supply and value chain.

The US’ tariffs target Chinese goods from range of sectors including aerospace, IT, auto parts and medical instruments.

source

Leave a Reply

Your email address will not be published. Required fields are marked *