China said on Saturday that it strongly opposes Washington’s decision to levy additional tariffs on US$550 billion worth of Chinese goods, and warned the US of consequences if it does not end its “wrong actions”, Reuters reports.
“Such unilateral and bullying trade protectionism and maximum pressure violates the consensus reached by head of China and United States, violates the principle of mutual respect and mutual benefit, and seriously damages the multilateral trade system and the normal international trade order,” the commerce ministry in Beijing was quoted as saying in a statement.
“China strongly urges the United States not to misjudge the situation or underestimate determination of the Chinese people,” the statement added.
The comments made by Beijing came after the US President Donald Trump announced on Friday that Washington will impose an additional 5 percent duty the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about US$75 billion worth of US goods.
Trump’s ltariff move, announced on Twitter, said the US will raise its existing tariffs on US$250 billion worth of Chinese imports to 30 percent from the current 25 percent beginning on Oct. 1.
At the same time, Trump announced an increase in planned tariffs on the remaining US$300 billion worth of Chinese goods to 15 percent from 10 percent.
The United States will begin imposing those tariffs on some products starting Sept. 1, but tariffs on about half of those goods have been delayed until Dec. 15.
Trump was responding to Beijing’s decision on Friday night that it was planning to impose retaliatory tariff on US$75 billion worth of US imports ranging from soybean to ethanol.
China will also reinstitute tariffs of 25 percent on cars and 5 percent on auto parts suspended last December.
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