Alwaght-Beijing is hiking up tariffs on more than 128 US imports, including fruit and pork, as part of a tit-for-tat response to US President Donald Trump’s $60 billion package of tariffs imposed against China.
The additional fares, which range from 15 to 25 percent, are taking effect on Monday, the Chinese Finance Ministry said on their website. It added that the measure, aimed at “safeguarding China’s interests,” was in response to Washington’s package of tariffs targeting more than 100 types of Chinese goods, from clothing to electronics.
The statement said 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.
China’s current tax-free and tax-exemption policy “remains unchanged,” the ministry noted, adding that the move comes in compliance with multilateral trading mechanisms and rules of the World Trade Organization (WTO).
Announcing the package of tariffs on March 22, Donald Trump said it will help the US reduce trade imbalances with China and curb theft of American intellectual property. Earlier, his administration accused Beijing of making “state-led, market-distorting efforts to force, pressure, and steal US technologies and intellectual property."
China says Trump's move allegedly aiming to safeguard America's national interests, protect home industry and cut trade deficit with China, only risks making America economically impaired, rather than "great again."
Beijing also says that Trump's policies are not only going to hamper the US economic well-being and continued progress, and burden its people with higher costs of living, but also pose a grave threat to the current global trading system.
