China to retaliate against US tariffs to defend the nation’s core interests: MOFCOM

Source:Global Times Published: 2018/7/6 13:27:24

China is forced to take necessary retaliatory measures to defend the nation's core interests and the Chinese people's interests following the US' "largest-scale trade war in history," said a statement on the website of China's soapui pro 4.5.2 keygen (MOFCOM).

The statement was posted on Friday right after the US' scheduled tariffs on $34 billion in Chinese products took effect at 12:01 pm (Beijing Time) Friday.

"The duties are typical bullying behavior, which will have a serious impact on the global industrial and value chain and pose obstacles to global economic recovery," the ministry said.

The duties will affect "innocent" transnational companies, ordinary companies as well as global consumers, it added, noting US enterprises and consumers will also be hurt.

William Zarit, chairman of the American Chamber of Commerce in China, told the Global Times Friday in a note that "there are no winners in a trade war. Counter-productive import tariffs, such as these, hurt not only the economies of the US and China but those of every country in the world."

Zarit said he is concerned with US firms doing business in China, stressing that "increased tensions between China and the US will negatively impact their operations in China.

"We urge the two governments to return to the negotiating table for productive discussions based on achieving results - focused on fairness and reciprocity- instead of escalating the current situation," Zarit said.

China has promised not to fire the first shot amid the trade row, however, is forced to take retaliatory measures, MOFCOM stressed, adding it will report the situation to the WTO in the hope of defending free trade and the multilateral mechanism.

MOFCOM also noted that China will closely monitor the impact of US tariffs on companies and take measures to help them.

China's additional tariffs on some import products from the US will be implemented immediately after the US tariffs take effect, the country's customs authority said Thursday.

In response to the US announcement to impose additional duties on Chinese imports, the Customs Tariff Commission of the State Council, China's cabinet, decided in mid-June that additional tariffs for 545 items worth about $34 billion, including agricultural products, vehicles and aquatic products, will be effective from Friday.

Global Times

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