China to Respond If US Provokes Escalation of Trade War - Foreign Ministry

04 August, 2018, 22:54 | Author: Corey Lynch
  • Trump plans to impose 25 percent tariffs on $200B worth of Chinese goods

President Trump plans to impose 25 percent tariffs on $200 billion worth of imported Chinese goods, a report said on Tuesday.

American companies have started to feel the pinch as well from global steel and aluminum tariffs and the first tranche of China-specific duties that cover just $34 billion of imports.

"China has been fully prepared and will have to retaliate to defend national dignity and the people's interests", the Commerce Ministry said in a statement Thursday.

President Trump and the European Commission President Jean-Claude Juncker agreed last week to put their tariffs on hold while the two sides negotiate, including on the dispute over steel tariffs, which gives the USA more leverage to pressure China. If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights.

A spokeswoman for the U.S. Trade Representative's Office declined to comment on the proposed tariff rate increase or on whether any changes would alter the deadlines laid out for comment period before implementation.

On Wednesday, the Trump administration proposed hiking planned tariffs on $200 billion in Chinese imports to 25 percent from an originally announced 10 percent.

The U.S.is open to renewing formal negotiations with China, though Beijing must agree to open its markets to more competition and stop retaliating against U.S. trade measures, according to two senior administration officials who briefed reporters on the condition of anonymity.




A first round of tariffs came into effect on 6 July, when the USA imposed 25% taxes on $34bn of Chinese imports.

Donald Trump is ramping up the pressure on China.

In addition to the tariffs now in place, the Trump administration has proposed an additional 10 percent tariff on an additional $200 billion worth of imports from China. The United States is far and away the most popular place for such investment, given the size and liquidity of markets for USA government debt and policies that are very friendly to foreign investors other financial assets and real estate.

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

China's commerce ministry said the U.S. tactics will have no effect on China, and will disappoint countries that are against trade wars. "Unilateral threats and pressure will only be counter productive". "25 percent on $200 billion, if it comes to pass, is $50 billion a year", Ross said of the proposed hike in tariffs in an interview with Fox Business News, adding that the impact would not "be cataclysmic". The public has until September 5 to comment on the proposal.

China is trying to seek an "equal" position in future talks with the U.S. with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

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