China Vows Retaliation After Trump Announces New Tariffs On Chinese Exports

<p data-pm-slice=”0 0 []”>China has vowed to hit back after US President Donald Trump announced major new tariffs on its exports as part of his radical overhaul of a century of American global trade policy. In a statement on Thursday, the Ministry of Commerce of China said that it firmly opposed it and will resolutely take countermeasures to safeguard its own rights and interests.</p>
<p>&ldquo;China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests,&rdquo; China&rsquo;s Ministry of Commerce said as quoted by CNN.</p>
<p>According to the report, the ministry slammed the move, which stands as a centerpiece in Trump’s effort to reshape the rules of international trade, as &ldquo;typical unilateral bullying practice,&rdquo; while urging the US to cancel tariffs and &ldquo;properly resolve differences with its trading partners through equal dialogue.&rdquo;</p>
<p>&ldquo;The United States has drawn the so-called &lsquo;reciprocal tariffs&rsquo; based on subjective and unilateral assessments, which is inconsistent with international trade rules and seriously damages the legitimate rights and interests of relevant parties,&rdquo; the statement said.</p>
<p>The announcement by the US president adds 34 percent so-called reciprocal tariffs to the existing 20 percent duties on all the Chinese imports to the US.</p>
<p>On Wednesday, Trump added 34 percent so-called reciprocal tariffs to the existing 20 percent duties on all Chinese imports to the US. Trump, ever since returning to power, has levied two tranches of 10 percent additional duties on all Chinese imports, the White House said, which was necessary to stem the flow of illicit fentanyl from the country to the US.</p>
<p>Meanwhile, China imposed retaliatory tariffs on a range of US imports, including agricultural products and fuel, while taking action against certain American firms and ramping up the export controls.</p>
<p>&ldquo;I have great respect for President Xi (Jinping) of China, great respect for China, but they were taking tremendous advantage of us,&rdquo; Trump said during his roughly hour-long address in the White House&rsquo;s Rose Garden on Wednesday.</p>