Business
22:21, 06-Apr-2018
Beijing hits back after Trump threatens US$100 bln in extra tariffs
["china"]
Share
Copied
China says it is ready to pay "any cost" in a possible trade war with the US. The remark came after the US President Donald Trump warned he was considering imposing 100 billion US dollars in extra tariffs on Chinese goods.
"If the US continues to ignore objections from China and the international community, and insists upon unilateral decisions and protectionism, then China will fight on at all costs. China will introduce new corresponding measures to defend the national and people's interests," said Gao Feng, spokesperson for the Ministry of Commerce.
Trump issued a statement Thursday announcing that he has directed the US Trade Representative (USTR) to consider slapping 100 billion US dollars of additional tariffs on China.
He cited China's "unfair retaliation" to previous US taxes as a reason for additional potential levies.
The statement came two days after the USTR proposed imposing an additional 25-percent tariffs on 50 billion dollars' worth of imports from China.
China's response to the move – seen by the US president as "unfair retaliation" – was similar tariffs on a range of US imports.
These include soybeans, pork and aircraft. Many of China's targeted goods are produced in Trump's political heartland.
Chinese Foreign Minister Wang Yi has said the US made a mistake by choosing China as its target.
"The US is wrong by attempting to benefit from protectionism. Both China and the US are the world's major countries who should respect each other and treat each other as equals. The US is wrong again in picking China as its target of trade sanctions," said Wang during a visit to Russia.
In Thursday's White House statement, Trump also said he would use his broad authority to implement a plan to protect US farmers and agricultural interests.
But as US National Retail Federation President and CEO Matthew Shay said, the US is on a dangerous downward spiral and American families will be on the losing end.
Who will make the next move in this trade standoff?