China Introduces Import Tariffs On US Goods Totalling $60 Billion
China will introduce tariffs on imports of US goods in 5%-10% range
Following US president Donald Trump's warning that he would impose fresh 10 percent tariffs on $200 billion in Chinese goods taking effect on September 24, the Chinese Commerce Ministry abruptly responded with retaliatory measures.
On September 24, China will introduce tariffs on imports of US goods in 5%-10% range which totals to a massive $60 billion, according to China's Commerce Ministry.
An official complaint was made to the World Trade Organization by China's Commerce Ministry following the United States' planned import tariffs.
The Commerce Ministry's statement read:
"We express deep regrets about this [new US tariffs]. To defend our legitimate rights and safeguard the global order of free trade, the Chinese side will be forced to respond. The US side's decision to introduce tariffs has brought uncertainties to negotiations between both sides. We hope the US side can realize the negative results triggered by such actions and make corrections in a convincing manner."
According to SN: China's plans to send Vice-Premier Liu He to the United States for trade talks are being reconsidered following US President Donald Trump's decision to slap new tariffs on Chinese goods, local media reported, citing a government source.
Trump Vows 'Great & Fast Economic Retaliation' If Targeted With Chinese Tariffs
US President Donald Trump said in a statement that China is trying to influence American elections by imposing tariffs that hurt members of his political base, including farmers, ranchers, and industrial workers.
He also warned that China would face "great and fast" economic retaliation if it hits American farmers or industrial workers with tariffs.
However, Beijing is now reviewing its earlier plans to send a delegation to Washington next week after the US decision to aggravate the trade row, according to the South China Morning Post.
Trump said on Monday that the United States would impose fresh 10 percent tariffs on $200 billion in Chinese goods that will take effect on September 24. On January 1, the tariffs are expected to grow to 25 percent.
Senior Trump administration officials proposed a new round of trade talks with China last week in an effort to address existing issues and concerns, with Chinese officials welcoming the invitation.
China-US trade tensions escalated in March after Trump announced import tariffs on steel and aluminum. Since then, Washington and Beijing have imposed several rounds of tit-for-tat tariffs, with bilateral trade consultations so far failing to halt the mounting trade war.