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Steep Chinese tariffs on 128 US imports
03
Apr '18
Steep Chinese tariffs on 128 US imports
China has imposed tariffs on 128 US imports worth $3 billion as a counter measure to US duties on steel and aluminum that, according to Beijing, "seriously infringed" its interests. China has termed Washington’s assertion about steel and aluminum imports from the former being a threat to national security an “abuse” of World Trade Organisation (WTO) guidelines.

The decision was taken by the Chinese state council’s custom tariffs commission followed weeks of rhetoric, according to a news agency report.

China has urged the United States to stop its "economic intimidation" and had warned earlier that it was ready to hit back.

The US measures "are directed only at a few countries, seriously violating the principle of non-discrimination as a cornerstone of the multilateral trading system, which seriously infringed the interests of the Chinese side," said a statement on the Chinese commerce ministry website.

"We hope that the United States can withdraw measures that violate WTO rules as soon as possible to put trade in the relevant products between China and the US back on a normal track," the commerce ministry statement said.

Tariffs of 10 per cent on aluminum and 25 per cent on steel by the United States have reportedly angered US allies as well.

Though the US Government has temporarily suspended the tariffs for the European Union (EU), Argentina, Australia, Brazil, Canada, Mexico and South Korea, it has unveiled plans to impose new tariffs on some $60 billion of Chinese imports over the "theft" of intellectual property. The United States ran a $375.2 billion deficit with China last year. (DS)

Fibre2Fashion News Desk – India


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