China has unveiled a list of products on which it will impose retaliatory import duties after United States President Donald Trump imposed further trade tariffs on Beijing on Friday. Chinese state-run daily Global Times said the Customs Tariff Commission of China’s State Council has decided to impose tariffs of 25% on 659 United States products worth about $50 billion dollars (Rs 3.4 lakh crore).
Of these, tariffs on 545 items worth about $34 billion (Rs 2.33 lakh crore), including agricultural products, vehicles and aquatic products, will be implemented on July 6. The duties on 114 other items, covering chemical products, medical equipment and energy products, will become effective at a date to be announced later.
“The US move violates the relevant rules of the World Trade Organization, goes against the consensus already reached in bilateral economic and trade consultations, seriously infringes upon the legitimate rights and interests of the Chinese side and undermines the interests of China and its people,” a statement by the Customs Tariff Commission said. “The Chinese side firmly opposes that.”
The Chinese Commerce Ministry also said that it will scrap deals to narrow Beijing’s trade surplus by purchasing more US goods like farm products and natural gas, AP reported.
US tariffs on China
“The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices,” Trump had said while imposing tariffs on 800 product categories in China. “These tariffs are essential for preventing further unfair transfers of American technology and intellectual property to China, which will protect our jobs. In addition, they will serve as an initial step toward bringing balance to the trade relationship between the United States and China.”