‘If a trade war was initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures’
The trade conflict between China and the U.S. escalated, with Beijing announcing its first retaliation against metals levies hours after President Donald Trump outlined fresh tariffs on $50 billion of Chinese imports and pledged there’s more on the way.
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President Donald Trump announced new tariffs on $50 billion worth of Chinese goods on Thursday.
Chinese officials strongly condemned the move.
"China does not want a trade war with anyone," the Chinese Embassy in Washington, DC, said.
"But China is not afraid of and will not recoil from a trade war."
China prepare to strike back at Trump with new tariffs as trade fight escalates
The Chinese government blasted President Donald Trump's announcement on Thursday that the US will impose new tariffs on imports from China and said they would introduce their own trade barriers in response.
Trump's tariffs, which act as a tax on imports, will apply to goods worth about $50 billion annually and hit industries from aerospace to pharmaceuticals. Additionally, the crackdown will limit certain types of Chinese investment into the US.
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In response, China is reportedly set to impose new a tariffs ranging from 15% to 25% on a slew of US goods including
Pork,
Soybeans,
Steel pipe,
Recycled aluminum,
Ethanol
Etc
Beijing is readying tariffs on 28 products that China imports from the US ranging from fresh fruits and wine to steel pipes and recycled aluminium worth US$3 billion (S$3.9 billion), a spokesman for the Ministry of Commerce said on Friday (March 23).
The Ministry said the proposed import taxes were in response to the White House's March 1 announcement of steel and aluminium tariffs entering the US, signalling that China could be preparing a much larger round of retaliatory tariffs following Mr Trump's decision to further sanction Chinese products.
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Hua Chunying, a spokesperson for China's Ministry of Foreign Affairs, also took a tough stance on a possibility of a trade war on Thursday.
"We want no trade war with anyone, but if our hands are forced, we will not quail nor recoil from it. Therefore, if the day did come when the U.S. took measures to hurt our interests, we will definitely take firm and necessary countermeasures to safeguard our legitimate interests."
“We are confident and capable of handling any challenge. We hope the US pulls back before it is too late, makes decisions prudently and does not drag the bilateral trade and economic relationship into danger,” it said.
China to levy tariffs on US agricultural&steel products after US$60 billion Trump penalties.
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It also plans to impose 25 per cent import levies on another eight categories of products worth US$2 billion, including pork and recycled aluminium.
China’s countermeasures were a direct response to US penalties on steel and aluminium products unveiled on March 8.
Source: SCMP, business inside, the straits times.
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