China threatens US with retaliation
The latest threat by President Donald Trump to impose additional tariff on Chinese goods has prompted China’s immediate reaction to retaliate.
China will fight back firmly with “qualitative” and “quantitative” measures if the U.S. publishes an additional list of tariffs on Chinese goods.
The commerce ministry accused the U.S. of initiating a trade war.
U.S. President Donald Trump threatened on Monday to impose a 10 per cent tariff on $200 billion of Chinese goods, saying the move was in retaliation for China’s decision to raise tariffs on 50 billion dollars in U.S. goods.
“Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the international community,” according to a statement by the ministry on Tuesday.
“The U. S. has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the U.S., but of the world,” the ministry said.
If the United States publishes a new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, the ministry said.
On June 14, Trump announced the U.S. would impose 25 tariffs on 50 billion dollars’ worth of Chinese goods and China responded by saying it would hit 659 U.S. products worth 50 billion dollars.
These include agricultural products, cars and marine products with a similar tax.
The U.S. tariffs already announced affect more than 800 Chinese products worth 34 billion dollars in annual trade and they are due to come into effect on July 6.
The product lines range from aircraft tyres to turbines and commercial dishwashers.
The U.S. asked China to stop practices that allegedly encourage the transfer of intellectual property – design and product ideas – to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.
The U.S. announced plans for tariffs in April after an investigation into China’s intellectual property practices.