Don't miss

Replay


LATEST SHOWS

FOCUS

Young Nicaraguans lead protests against President Ortega

Read more

ENCORE!

Music show: Opera singer Lawrence Brownlee, Snow Patrol & Natalie Prass

Read more

TALKING EUROPE

EU Commissioner Johannes Hahn: 'Either we import stability, or we export instability'

Read more

TALKING EUROPE

From Italy to Cyprus via Hungary: A look back at key events in Europe

Read more

BUSINESS DAILY

US-China trade war is 'on hold'

Read more

#TECH 24

Is GDPR a good thing for EU tech companies?

Read more

PERSPECTIVE

'The internet is like water, we need to help children understand how to swim'

Read more

THE OBSERVERS

Horse massacres in Iran, fake news turning deadly in India, and Ivory Coast's drought

Read more

THE OBSERVERS

Iran's violent bird poaching, a Yemeni youth orchestra beneath the bombs, and more

Read more

Business

China hits 128 US imports with tariffs in retaliatory move

© AFP | A crane loads and lifts shipping containers at a port in Qingdao in China's eastern Shandong province on March 8, 2018.

Text by NEWS WIRES

Latest update : 2018-04-02

China on Monday imposed new tariffs on 128 US imports worth $3 billion, including fruits and pork, in retaliation for US duties on steel and aluminium, fuelling fears of a trade war.

Beijing's move, which the Xinhua news agency said was decided by the custom tariffs commission of the State Council, follows weeks of heated rhetoric and threats between the world's two biggest economies.

President Donald Trump has repeatedly railed against China's massive trade surplus over the United States, promising during the US election campaign to slash the US deficit.

Beijing had warned last month that it was considering the tariffs of 15 percent and 25 percent on a range of products that also include wine, nuts and aluminium scrap. The tariffs came into force on Monday, Xinhua said, citing a finance ministry statement.

The levies are in response to tariffs of 10 percent on aluminium and 25 percent on steel that have also angered US allies.

Trump, however, has temporarily suspended the tariffs for the European Union as well as Argentina, Australia, Brazil, Canada, Mexico and South Korea.

The US leader has also unveiled plans to impose new tariffs on some $60 billion of Chinese imports over the "theft" of intellectual property.

China has called on the United States to stop its "economic intimidation" and warned it was ready to hit back.

Beijing 'held its ground'

But Beijing has so far held fire against major agricultural products such as soybeans or major industries such as aerospace giant Boeing -- items that state-run daily the Global Times suggests should be targeted.

The nationalistic newspaper said in an editorial last week that China has "nearly completed its list of retaliatory tariffs on US products and will release it soon."

"The list will involve major Chinese imports from the US," the newspaper wrote, without saying which items were on the document.

"This will deal a heavy blow to Washington that aggressively wields the stick of trade war and will make the US pay a price for its radical trade policy toward China," the Global Times wrote.

Despite the rhetoric, US Commerce Secretary Wilbur Ross on Thursday suggested the new measures on intellectual property were a "prelude to a set of negotiations".

The United States ran a $375.2 billion deficit with China last year.

But the Global Times, without revealing sources, said the United States had made "some unreasonable demands in an attempt to coerce China into a compromise.

"This was naive. With strong trading power, China held its ground."

(AFP)

Date created : 2018-04-02

  • TRADE

    China lists US goods to hit with tariff hikes as trade war looms

    Read more

  • TRADE

    China vows to hit back as Trump signs tariff order

    Read more

  • USA

    Trump rolls out sweeping metal tariffs, defying warnings of global trade war

    Read more

COMMENT(S)