The US confirmed that a 25-percent additional tariffs on Chinese products worth USD 34 billion will be effective on Friday, targeting Chinese products from sectors like aerospace, IT and auto parts.
In response, China’s customs authority announced that additional tariffs for some imports from the US worth the same amount, including agricultural products, vehicles and aquatic products, also took effect on the same day, state-run Xinhua News Agency reported.
“The Chinese side, having vowed not to fire the first shot, was forced to stage counter-attacks to protect the core national interests and interests of its people,” the Commerce Ministry said in a statement. “These tariffs, imposed by the US, violate the World Trade Organization (WTO) rules and represent a typical ‘trade bully,’ posing a grave threat to the security of global industry and value chains,” it said. Instead of serving the interests of US companies and people, the ministry said the move will prove to be counter-productive and damaging.
The US-initiated trade war will hamper global economic recovery and trigger global market turmoil while dealing a blow to many multinationals, enterprises and ordinary consumers, the ministry warned. China will report the relevant situations to the WTO in time, and stand with other countries in defending free trade and multilateral mechanisms.
Source: Kuwait News Agency