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Over the weekend China announced a retaliatory step in response to President Trump’s 25 percent tariffs on all U.S. Steel imports and 10 percent tariff on all Aluminum imports, which went into effect last Friday and also retaliate against President Trump’s decision to impose tariffs on $60 billion worth Chinese goods. As part of this measure, Beijing is hiking up tariffs on more than 128 US imports, including fruit and pork. On March 23, Beijing signaled it was ready to go toe-to-toe with Washington’s campaign against China, proposing new levies on 128 American imports. The news shook global markets, with fears of an imminent trade war between the world’s largest economies looming.
According to a statement from China’s Finance Ministry, China has suspended duty concessions on imported goods originating from the US and has imposed a duty rate of 15 percent on 120 items of imports, such as fruits and products. The tariff rate for eight items of imported goods, such as pork and food products, is now 25 percent.
Here is the full statement from Chinese Finance ministry,
“With the approval of the State Council, the Customs Tariff Commission of the State Council decided to suspend duty reduction duties on certain imported goods originating in the United States and implemented it on April 2, 2018.
On March 8, 2018, US President Trump signed an announcement confirming that imported steel and aluminum products threatened US national security and decided to impose tariffs (ie 232 measures) on imported steel and aluminum products from March 23. The 232 measures violated the relevant rules of the World Trade Organization and did not comply with the “security exceptions” provision, which actually constituted safeguard measures. This measure was implemented on March 23 and caused serious damage to our interests. In order to safeguard China’s interests and balance the losses caused by the U.S. 232 measures to China’s interests, I have suspended duties on seven categories of 128 imported goods originating in the United States from duty duties on April 2, 2018, based on the current applicable tariff rates. Tariffs have been imposed on the importation of tariffs on 120 items of imported goods such as fruits and products, and a tariff rate of 25% on 8 items such as pork and products. The current policy of tax-free and tax-exemption remains unchanged.
China's advocacy and support for the multilateral trading system and the suspension of tariff concessions to the United States are legitimate measures taken by China to use the rules of the World Trade Organization and safeguard its interests.”
