China slaps 34 pc tariff on US goods in tit-for-tat move
The announcement follows the US decision to impose "reciprocal tariffs" on Chinese exports to America, a move that the commission said does not conform to international trade rules.
PTI
-
The tariffs on all products imported from the US will be imposed from 10 April, the Customs Tariff Commission of the State Council announced Friday
BEIJING, 4 APRIL
China on Friday slapped a 34 per cent additional tariff on imports
from the US in a tit-for-tat response to President Donald Trump’s move to
impose a similar levy on Chinese goods.
Beijing also announced export controls on certain rare earth
metals, aiming to hit American defence, computer, and smartphone industries.
The tariffs on all products imported from the US will be imposed
from 10 April, the Customs Tariff Commission of the State Council announced
Friday.
The announcement follows the US decision to impose
"reciprocal tariffs" on Chinese exports to America, a move that the
commission said does not conform to international trade rules. It also
seriously undermines China's legitimate rights and interests, and represents a
typical act of unilateral bullying, the state-run Xinhua news agency reported.
Criticising Beijing's move, Trump in a social media post said,
“China played it wrong, they panicked -- the one things they cannot afford to
do."
“My policies will never change. This is a great time to get rich,”
he said.
Beijing filed a lawsuit with the World Trade Organisation after
the US slapped "reciprocal tariffs" on trading partners, the Xinhua
report said.
"By imposing the so-called 'reciprocal tariffs,' the US
gravely violated WTO rules, seriously undermined the legitimate rights and
interests of WTO members, and seriously damaged the rules-based multilateral
trading system and the international economic and trade order," a
spokesperson from the Commerce Ministry said.
"It is a typical unilateral practice of bullying that
jeopardises the stability of the global economic and trade order, and China is
firmly opposed to this," the spokesperson said, urging the US to
immediately correct its wrongdoings and cancel its unilateral tariff measures.
Trump announced 34 per cent tariffs on Chinese imports on
Wednesday, unveiling them as part of a sweeping “Liberation Day” package aimed
at reshaping American trade policy.
Leave a Reply
Your email address will not be published. Required fields are marked *