China vows $60 billion counter-tariffs in response to latest US threat
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WEB DESK
Trade war between US and China HAS intensified as Washington asked Beijing to address the long-standing concerns first. The continuing US-China trade war has hit a new low. Calling retaliatory tariffs levied by Beijing on American products unfair, Washington has asked Beijing to address the long-standing concerns about its trading practices first.
The Trump administration statements came yesterday after Beijing announced that it will impose new duties on 60 billion US dollars worth of US goods amidst a trade war between the world’s top two economies.
China’s move came in retaliation for the announcement by the Trump administration that it is likely to impose another 200 billion US dollar worth of import tariffs on Chinese products. Earlier, US Trade Representative Robert Lighthizer had urged China to stop its unfair practices, open its market and engage in true market competition.
Earlier this week, the Trump administration proposed tariff rates of 25 percent, rather than the previously touted 10 percent, on $200 billion worth of Chinese goods — the latest round in the ongoing trade conflict between the countries.
While it remains to be seen if and when those tariffs come into effect, China says it will respond with the additional $60 billion of tariffs if the US follows through on its latest trade threat.
“The US side has repeatedly escalated the situation against the interests of both enterprises and consumers,” a statement from the Chinese Commerce Ministry said.
“China has to take necessary countermeasures to defend its dignity and the interests of its people, free trade and the multilateral system.”