Business & Finance

China condemns US tariff proposals, eyes countermeasures

TOKYO, China strongly condemned and firmly opposed the US tariff proposals on Wednesday, saying it is ready to take countermeasures on American products, the official Xinhua News Agency reported.

The Commerce Ministry issued the statement after Washington announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth USD 50 billion with a suggested tariff rate of 25 percent.

“Disregarding strong representations by China, the US announced the tariff proposals that are completely unfounded, a typical unilateralist and protectionist practice that China strongly condemns and firmly opposes,” according to the statement.

The proposed list covers approximately 1,300 products imported from China, including industries such as aerospace, information and communication technology, robotics, and machinery, the Office of US Trade Representative said in a statement. China plans to immediately bring relevant US practice to the dispute settlement body of the World Trade Organization (WTO), and is ready to take countermeasures on American products with equal force and scale that will be published in the coming days. “We have the confidence and ability to respond to any US trade protectionist measures,” the ministry said. US President Donald Trump signed a memorandum on March 22 that could impose tariffs on Chinese imports and restrictions on Chinese investment in the US. The memorandum is based on a so-called Section 301 investigation, launched by the Trump administration in August 2017, into alleged Chinese intellectual property and technology transfer practices.

The move came after the US administration took an increasingly hawkish turn on China, as it blamed its trade deficit with major trading partners for its domestic economic woes and job losses. (end) mk.gta

Source: Kuwait News Agency