Retaliatory measures to U.S. hiked tariffs on aluminum and steel have come from China, it has raised tariffs on 128 American products by up to 25%, mainly various foodstuffs, ratcheting up a dispute between the countries.
The information on tariffs came yesterday night from Chinese finance ministry, it included tariffs on U.S. products worth up to $3 bln.
They come into effect today. Although the two countries have not admitted they were in a trade war, the signs of such tension are more than obvious, said Global Times newspaper. China’s Ministry of Commerce announced that it was putting on hold its obligations to WTO to cut tariffs on 120 products from the United States, among which fruit and ethanol. Such tariffs are set to go up by additional 15%. 8 more products, with pork and scrap aluminum included, would fall under new additional tariffs of 25%, it also said. A
ccording to the Finance Ministry, China’s decision to suspend tariff reduction is a legitimate move allowed by WTO rules with the purpose of protecting own interests. Meanwhile the U.S. President is intending new tariffs on Chinese products for over $50 bln after an inquiry that determined that China has constantly misappropriated U.S. intellectual property, which is denied by China.