Published: Mon, March 26, 2018
Global | By Enrique Rogers

China hits back after USA tariffs on Chinese imports

China hits back after USA tariffs on Chinese imports

China announced on Friday that it was considering higher tariffs for imported United States products worth about $3 billion to balance losses caused by the USA tariffs on steel and aluminium imports from Beijing. The Trump administration says it wants to impose the tariffs in response to China's "economic aggression".

The Chinese Ministry of Commerce on Friday said it was considering raising tariffs on 128 U.S. products bound for China, including fruits, nuts, wines, pork, and recycled aluminium, according to a statement on its website.

Trump imposed tariffs on about United States dollars 60 billion worth of Chinese imports to punish the country for its "unfair" seizure of American intellectual property, a move that could escalate the already tense trade relations between the world's two biggest economies.

Beijing has warned the U.S. that it is "not afraid of a trade war", but has said that it hopes to avoid one through continued dialogue.

'No use to anyone' The climbdown came as Trump announced new sanctions against China for what he called the theft of United States intellectual property - which Beijing has vowed to meet with tit-for-tat retaliation.

China's response was relatively mild, promising to fight back by putting restrictions on US agricultural exports such as fruit, nuts, wine and pork.

The move was aimed at countering USA decision to impose 25 per cent tariffs on steel imports and 10 per cent on aluminium, with initial exemptions for Canada and Mexico. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text.

The US imports billions more goods from China each year than it exports, creating a deficit of about $375bn last year - which is what Mr Trump has railed against.

The president's plan also includes imposing new restrictions, making it more hard for the Chinese to invest money in the US, along with additional measures from the US Treasury Department.

"We may see a similar case emerge around soybean and corn as a warning shot", said Parker.

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The Commerce Ministry urged Washington to negotiate "to avoid damage to overall Chinese-US cooperation".

"The Chinese side urges the USA side to resolve the concerns of the Chinese side as soon as possible", the ministry said. The USTR is expected to publish a proposed list of products and recommended tariff increases for public comment within the next 15 days, according to The Hill.

The Chinese Embassy in the U.S., in response, said "it is a typical unilateral trade protectionist action".

The U.S. Trade Representative's office said Trump's action was in response to "unfair and harmful acquisition of U.S. technology".

China's ambassador to the US wouldn't rule out the possibility of the Asian nation scaling back purchases of Treasuries in response to tariffs imposed by President Donald Trump.

The Commerce Ministry announcement Friday made no mention of jetliners, soybeans or other products that are the biggest USA exports to China by value. The USTR said Trump had ordered it to pursue a World Trade Organization case against Beijing's "discriminatory technology licensing".

Navarro said the U.S. was "simply strategically defending itself against this particular form of economic aggression" and said the tariffs were neatly tailored to "correspond to the harm" Chinese actions with regard to intellectual property have done to the US.

USA officials had acknowledged the possibility of retaliation from China, but said the Asian giant ultimately had more to lose. "But it means a new recognition that China is not the friend, the democracy and the free market we all hoped for over the last 30 to 40 years - something quite different". "Trade war is of no use to anyone", said Jean-Claude Juncker, chief of the European Commission, which handles trade talks for the 28 member states.

That would be less than 2 percent of China's $153.9 billion of imports of US goods a year ago a fraction of the goods targeted by Trump's order Thursday in the technology dispute.

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