Business
China Is Hoping US Will Take Necessary Steps To Correct Its Behavior
China's decision to impose fresh tariffs on US goods was taken to defend its interests
The China Commerce Ministry on Thursday said that it is hoping the United States will show sincerity and take necessary steps to correct its behavior. The statement comes after both the U.S. and China slapped new tariffs on each other’s products, reported The Times of India.
China added $60 billion of U.S. products to its import tariff list in retaliation for the Trump administration’s planned levies on $200 billion of Chinese goods.
During a weekly news briefing in Beijing, the ministry spokesman Gao Feng said that the U.S. decision to impose new tariffs on Chinese products has forced them to take retaliatory measures to defend its interest.
Gao added that China is analyzing targeted measures to help foreign firms in China in response to the effects of the latest US tariffs.
In addition to imposing new tariffs on Chinese products, the U.S. President Donald Trump also threatened further retaliation against China if it targets US farmers or agricultural and industrial workers in their measures, “we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.”
He further added that the U.S. might hike the tariff rate to up to 25 percent by January next year if in case no trade deal is met with Beijing.
In related news, China is reportedly planning to reduce the average tariff rates on imports from the majority of its trading partners as soon as October.
The latest announcement is in line with Beijing’s pledge to its trading partners that it would take measures to stimulate domestic consumption in order to support a slowing economy. Back in July, China had announced a reduction in import tariffs on almost 1,500 consumer products ranging from cosmetics to home appliances.
The name of the countries that will enjoy the lower Chinese tariffs is yet to be announced.
