Restrained reaction to 鈥榞roundless鈥 move
Print Edition
CHINA’S Ministry of Commerce said yesterday that the country has responded with restraint to tariff measures proposed by the United States.
“I have to say that we were forced to take countermeasures and we have reacted with restraint,” said Vice Minister of Commerce Wang Shouwen.
China yesterday unveiled a list of products valued at US$50 billion imported from the US that will have an additional tariff of 25 percent imposed on them, including soybeans, automobiles, and chemical products.
The move was taken after the US administration announced a proposed list of products subject to a suggested additional tariff of 25 percent, which covers Chinese exports worth US$50 billion.
The date of implementation will depend on when the US imposes the tariffs on Chinese products.
Also yesterday, China filed a request for consultations under the World Trade Organization dispute settlement framework over the US tariff proposals based on the Section 301 investigation against China, the commerce ministry said.
“The US proposals were groundless and violated its international obligations,” said Wang.
A memorandum signed by US President Donald Trump in March enables the US to potentially impose tariffs on Chinese imports and restrict Chinese investment in the US. The Trump administration last August started a Section 301 investigation into Chinese practices in intellectual property and technology transfer.
“The US proposals went against China’s interests, threatened China’s economic security, and global economic recovery and stability,” said Wang.
Speaking of China’s countermeasure in response to a previous US move to slap tariffs on China’s steel and aluminum imports, Wang said the American action was not a consideration of national security, but was discriminatory as the proposals only targeted a few countries.
“The US reason citing national security was unfounded and the US action has violated the multilateral trade system,” said Wang, “China’s countermeasure were just in defense of our legitimate interests.”
He stressed that China remains open to negotiation, and hopes to handle the dispute with the US through consultation.
“We don’t want a trade war, but we are not afraid of it. If someone insists on starting a trade war, we will fight till the end,” Wang said.
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