In response to US President Donald Trump announcing new tariffs on the import of Chinese goods worth $60 billion including steel and aluminium, China announced a list of US goods including pork and aluminium pipe that it says may be hit by higher tariffs.
The Chinese Commerce Ministry called on Washington on 23 March to reach a negotiated settlement of the dispute "as soon as possible" but gave no deadline.
Trump Imposes Tariff on Chinese Imports Worth $60 Billion, Says China is a “Friend”
US President Donald Trump signed off on trade tariffs against China that "could" hit imports worth as much as USD 60 billion, on 22 March. Trump, however, insisted that the country was still a "friend." In an attempt to limit the fallout from the domestically driven policy, Trump said:
I have tremendous respect for President Xi (Jinping). We have a great relationship. I view them as a friend.
Trump announced the new tariffs to be imposed on China on 22 March, to punish the country for its “unfair” trade practices, a move that could escalate the already tense trade relations between the world's two biggest economies.
Trump directed the US trade representative to level tariffs on about $60 billion Chinese imports after a seven-month investigation into the intellectual property theft, PTI reported.
Trump instructed the US Trade Representative to publish a proposed list of products and any tariff increases within 15 days and to pursue dispute settlement in the World Trade Organization (WTO) to address China’s discriminatory technology licensing practices.
He also has directed the Treasury Secretary to address concerns about investment in the US directed or facilitated by China in industries or technologies deemed important to the country.
"This has been long in the making," Trump told reporters in the White House at the ceremony to sign his memorandums targeting China's economic actions.
Stop, or You’ll End up Hurting Yourself: China to the US
Beijing denounced President Donald Trump's decision to impose tariffs on billions of dollars in Chinese goods, accusing him of putting the two economies on course for a trade war.
If a trade war were initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures. China will not sit idly and let its legitimate rights and interests be harmed.Chinese Ministry of Commerce
"We urge the US to cease and desist," the embassy said, warning that by endangering China-US trade relations Washington will eventually end up hurting itself.
The commerce ministry said in a statement that China hopes the United States will pull back "from the brink", and be prudent in its decisions, adding that it resolutely opposes US unilateralism and protectionism.
(With inputs from PTI and Reuters)
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