(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA’S SHINE NEWS)
China hits back by raising tariffs on US products
China yesterday announced that it will raise the rate of additional tariffs imposed on some of the imported US products from June 1.
China had earlier imposed additional tariffs on US$60 billion worth of US imports, the rates of additional tariffs on some of the products will now be increased to 25 percent, 20 percent and 10 percent, according to a statement by the Customs Tariff Commission of the State Council.
A total of 5,140 US products will be subject to additional tariffs of 5 percent, 10 percent, 20 percent and 25 percent starting on June 1, the finance ministry said in a statement yesterday.
The decision follows the US move to increase tariffs on US$200 billion worth of Chinese goods from 10 percent to 25 percent as of May 10.
The measure taken by the United States escalated trade frictions and violated the consensuses reached by both sides to tackle trade disputes through consultations, the statement said.
The US move damaged the interests of the two sides and did not meet universal expectation of the international community, it said.
To defend multilateral trade mechanisms and safeguard its own rights and interests, China had to adjust its additional tariffs on some of the goods imported from the United States in response to the US act of unilateralism and trade protectionism, the statement noted.
China hopes that the United States would return to the right track of bilateral economic and trade consultations, make joint efforts with China to meet each other halfway and strive to reach a mutually beneficial and win-win agreement on the basis of mutual respect.