China threatens to respond to US tariffs

Avatar of Nick John By Nick John May15,2024 #China #threatens
China threatens to respond to US tariffs 0
China threatens to respond to US tariffs 0

(Dan Tri) – China warns that US trade barriers will affect the larger relationship between the two economic superpowers.

Chinese Foreign Ministry spokesman Wang Wenbin (Photo: Reuters).

`China opposes the unilateral imposition of tariffs in violation of (World Trade Organization) rules and will take all necessary actions to protect its legitimate rights,` a ministry spokesman said.

China’s Ministry of Commerce also said Beijing `resolutely opposes` the new US tariffs.

`The US tariff increase contradicts President Joe Biden’s commitment to `not seek to prevent and restrain China’s development` and `not seek to separate and break links with China`.

China’s statements were made in the context that US President Joe Biden on May 14 announced a 100% tax on Chinese electric vehicles.

The White House said the US is imposing stricter restrictions on goods imported from China worth $18 billion.

In addition to increasing tariffs on electric vehicles from 25% to 100%, the US also increased tariffs on Chinese lithium batteries from 7.5% to 25%, minerals from 0% to 25%, solar cells and semiconductors from 25%.

Tariffs on steel, aluminum and personal protective equipment, which range from zero to 7.5%, will increase to 25%.

Despite the risk of retaliation from Beijing, President Biden said the tax increase was a proportionate response to China’s overcapacity in the electric vehicle sector.

However, this tax imposition is largely symbolic because Chinese electric vehicles almost cannot enter the US market due to tariffs imposed under the administration of former President Donald Trump.

Washington’s move comes after a four-year review process and is a preventative measure designed to prevent cheap, subsidized Chinese goods from flooding the market, stifling the sector’s development.

China’s Ministry of Commerce announced that Beijing will take resolute measures to protect its rights and interests, and called on President Biden’s administration to `correct its wrongdoing.`

`The US should immediately correct its wrongdoings and cancel the tariff measures imposed on Chinese goods. We will take resolute measures to protect the rights and interests of

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