China ready to impose tariffs on $60 bn worth of US goods

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02:34

‍‍China is ready to impose additional tariffs on 60 billion US dollars’ worth of American goods if the US follows through on its threat of increasing tariffs on Chinese imports, the Chinese Ministry of Commerce said on Friday.

The ministry said in a statement that the measure was rational and restrained, and was taken after wide public hearings and thorough evaluation.

The decision takes into consideration people’s welfare, the way businesses would handle it, and the need to maintain the normal operation of the global industrial chain.

China's Ministry of Commerce /VCG Photo

The two countries have already implemented tariffs on 34 billion dollars' worth of each other's goods in July. On Wednesday, US President Donald Trump proposed increasing duties on 200 billion US dollars' worth of Chinese imports from 10 percent to 25 percent.

In response, China unveiled the new sets of additional tariffs on 5,207 goods imported from the United States, between five to 25 percent.

01:05

The additional 25 percent tariffs cover the largest share of the overall list and are imposed on honey, vegetables, meat and liquefied natural gas (LNG). They will hit farming and mining states that supported President Donald Trump in the 2016 election.

China is the third largest buyer of America's LNG, and this is the first time LNG has been included in the list. Around a thousand items are slapped with a 20 percent tariff, like chemicals, kitchen supplies and paper.

Wigs and textiles are among a thousand other products that will face a 10 percent tariff.

The lowest tier of five percent will affect over 600 items, such as aircraft and computers.

The implementation date of the new tariffs would be determined according to US actions, and China reserves the right to continue to introduce other countermeasures, the ministry noted.

VCG Photo

"China always believes that dialogue and negotiation on the basis of mutual respect, equality and mutual benefit are the only way to resolve trade differences and imbalances," it said.

The statement also noted that any unilateral threat or blackmail would only lead to the intensification of conflict and damage the interests of both sides.

The ministry said that because the US has repeatedly taken escalatory steps, despite the interests of companies and consumers from both sides, China has to take necessary countermeasures to defend the country's dignity, the interests of its people, free trade, the multilateral system and the interests of all countries.

Meanwhile, the statement also emphasized that China will continue its reform and opening-up program, and would look to uphold economic globalization, free trade and multilateral trade.