China: US tariff threat hurting itself
Print Edition
THE United States is hurting itself as well as the world by imposing additional tariffs, China’s Ministry of Commerce said yesterday.
“If the United States starts imposing additional tariffs, it will actually be charging taxes on firms both in China and around the world, as well as American companies,” the ministry’s spokesman Gao Feng said at a press conference in Beijing yesterday.
The US has threatened to impose tariffs on all of China’s exports to the country worth US$500 billion and has sent similar threats to other trading partners.
Gao pointed out that China is an important supporter and participant in economic globalization and global industrial chain, many of its export commodities are products made by foreign enterprises in China.
“Around 59 percent of products worth US$34 billion subject to additional tariffs are made by foreign firms in China, with American firms making up a considerable part.
“The US tariff move is in essence a hit to the global industry and value chain,” Gao said. “To put it simply, the United States is firing at the whole world. It is also firing at itself.”
Gao also dismissed concerns that American companies operating in China will be targeted during the trade frictions, saying the Chinese government will protect the legitimate rights and interests of all foreign-funded companies.
China has been one of the most popular destinations for foreign investment for decades, not only because of the enormous size of its market, but also because the Chinese market represents stability, rationality and rule of law, Gao said.
“We will monitor the effect of the US-provoked trade war on businesses and strive to help mitigate any possible impact,” he said.
“China will not bow to threats or blackmailing, and our resolve to safeguard global free trade and the multilateral mechanism will not waver.”
China will work with other countries to fight against the regressive tide of backward, outdated and inefficient protectionism and unilateralism, and will maintain a stable and predictable global economic and trade environment, Gao added.
Meanwhile, China’s additional tariffs on some import products from the US will be implemented immediately after the new US tariffs take effect, the country’s customs authority said yesterday.
In response to the US announcement to impose additional duties on Chinese imports, the Customs Tariff Commission of the State Council decided in mid-June that additional tariffs for 545 items worth about US$34 billion, including agricultural products, vehicles and aquatic products, will be effective from today.
China will not implement additional tariffs ahead of the US tariff move, an official of the Customs Tariff Commission said on Wednesday.
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