China says ‘firmly opposes’ new US tariffs, vows ‘countermeasures’
A 10 per cent base tariff on all countries will also apply to China
[BEIJING] China on Thursday (Apr 3) said it “firmly opposes” sweeping new US tariffs on its exports, vowing “countermeasures to safeguard its own rights and interests”.
US tariffs “do not comply with international trade rules and seriously harm the legitimate rights and interests of the relevant parties”, the Commerce Ministry in Beijing said.
It urged Washington to “immediately cancel” the new tariffs, warning they “endanger global economic development” and would hurt US interests and international supply chains.
US President Donald Trump ignited a potentially ruinous global trade war as he imposed 10 per cent tariffs on imports from around the world and harsh extra levies on key trading partners.
He unveiled particularly stinging tariffs of 34 per cent on China, one of its largest trading partners.
A 10 per cent base tariff on all countries will also apply to China.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Trump labelled on Wednesday’s measures “reciprocal” but many experts say his administration’s estimates for levies placed on US imports by other countries are wildly exaggerated.
And Beijing’s commerce ministry on Thursday called for “dialogue” to resolve the dispute.
“There is no winner in a trade war, and there is no way out for protectionism,” it said. “History has proven that raising tariffs does not solve the US’s own problems,” it added.
“It harms America’s own interests and endangers global economic development and the stability of production and supply chains.” AFP
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
From hawker stall to Enterprise Award winner: How Han Keen Juan scaled the Old Chang Kee empire
Haidilao co-founder’s family buys second bungalow in Cluny Hill for S$85 million
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Ban on land sales, new launches for developers that deliver ‘defect-ridden’ projects