China on Friday says it will impose additional tariffs on U.S. imports worth about $75 billion in response to the newly announced U.S. tariff hikes on Chinese goods.
Based on laws approved by the State Council, a total of 5,078 U.S. products would be subject to additional tariffs of 10 per cent or five per cent.
The tariff hikes would be implemented in two batches and would take effect from Sept. 1 and Dec. 15 respectively.
The U.S. government announced on Aug. 15, that it would impose additional tariffs of 10 per cent on Chinese goods worth about $300 billion, effective from Sept. 1 and Dec. 15, respectively, in two batches.
However, the U.S. move had led to a further escalation of bilateral trade frictions, greatly damaging the interests of China, the U.S and other countries.
The move would also gravely threaten the multilateral trading system and free trade principles.
The commission would continue with the work of exempting certain items from additional tariffs.
China’s imposition of additional tariffs was a forced response to U.S. unilateralism and trade protectionism.
China, however, reaffirmed once again that cooperation was the only correct choice for China and the U.S. and that only a win-win situation would lead to a better future.
It was hoped that both countries resolve their differences in a manner acceptable to both sides on the premise of mutual respect, equality, good faith and consistency of words and deeds, the statement said.
The two sides are expected to actively build a new balanced, inclusive and win-win Sino-U.S. economic and trade order, jointly safeguard, reform and improve the multilateral trading system.
They are also expected to promote win-win cooperation with other countries in the world.