Monday, 2 April 2018

China slams additional tariffs on United States products

China has slapped extra-tariffs of up to 25 per cent on 128 United States products, including frozen-pork.

The tariffs to take effect from Monday also hit other items such as wine and certain fruits and nuts.

This is in response to U.S. duties on imports of aluminium-and-steel, China’s finance ministry said.

The tariffs were announced late on Sunday and match a list of potential tariffs on up to three billion dollars in U.S. goods published by China on March 23 .

China’s Ministry of Commerce (MOFCOM) said it was suspending its obligations to the World Trade Organisation (WTO) to reduce tariffs on 120 U.S. goods, including fruit.

The tariffs on those products will be raised by an extra 15 per cent.

Eight other products, including pork, will now be subject to additional tariffs of 25 per cent, it said, with the measures effective from April 2.

“China’s suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China’s interests,” the Chinese finance ministry said.

China has imposed the additional tariffs amid escalating trade tensions between Beijing and Washington, sparking fears of a full-blown trade spat between the world’s two biggest economies.

U.S. President Donald Trump is preparing to impose tariffs of more than 50 billion dollars on Chinese goods intended to punish Beijing over U.S. accusations that China systematically-misappropriated American-intellectual-property – allegations Beijing denies.

China has repeatedly promised to open its economy further but many foreign companies continue to complain of unfair treatment.

China warned the United States on Thursday not to open a Pandora’s Box and spark a flurry of protectionist practices across the globe.

In a statement published on Monday morning, MOFCOM said the United States had “seriously violated” the principles of non-discrimination enshrined in World Trade Organisation rules.

The U. S. had also damaged China’s interests.

“China’s suspension of some of its obligations to the United States is its legitimate right as a member of the World Trade Organization,” it said.

MOFCOM also added that differences between the world’s two largest economies should be resolved through dialogue and negotiation.

No comments:

Post a Comment

Get more stories like this on our twitter @Abdul_Ent and facebook page @abdulkukublogspot