Trump puts China on notice for US$60b worth of tariffs as Beijing retaliates

mundari (25)in #steem • 7 years ago

1 of 2US President Donald Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China.

PUBLISHED
MAR 23, 2018, 12:47 AM SGT
UPDATED
8 HOURS AGO

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Nirmal GhoshUS Bureau Chief

WASHINGTON - US President Donald Trump on Thursday (March 22) announced his intent to impose up to US$60 billion (S$79 billion) worth of tariffs on China, sparking fears of a trade war. Initiating the process, Mr Trump signed a directive for a Section 301 action on China. Section 301 authorises the President to take all appropriate action, including retaliation, to force a foreign government to change practices that the US deems unjustified, unreasonable, or discriminatory, and that burden or restrict US commerce.In response, the Chinese embassy in Washington said in a statement: "China does not want a trade war with anyone. But China is not afraid of and will not recoil from a trade war.”

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“If a tradewar were initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures," said the statement sent to reporters.China's Commerce Ministry on Friday unveiled plans to levy duties on up to US$3 billion of US imports in response to previously announced US steel and aluminium import tariffs, which will go into effect on Friday. China was considering levying an additional 15 per cent tariff on US products including dried fruit, wine and steel pipes and an extra 25 per cent duty on pork products and recycled aluminium. The government has assembled a list of 128 US products in total that could be targeted if the two countries are unable to reach an agreement on trade issues, the ministry said.

“China doesn’t hope to be in a trade war, but is not afraid of engaging in one,” the commerce ministry said in a statement on Friday. “China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a dangerous place."

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