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China opposes US tariff proposals, countermeasures underway
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Staff Reporter | 04 Apr, 2018
China strongly condemns and firmly opposes the US tariff proposals and
is ready to take countermeasures on US products, the Ministry of
Commerce (MOC) said on Wednesday.
An MOC spokesperson made the
statement after the US administration announced a proposed list of
products subject to additional tariffs, which covers Chinese exports
worth $50 billion with a suggested tariff rate of 25 per cent, Xinhua
news agency reported.
"Disregarding strong representations by
China, the US announced the tariff proposals that are completely
unfounded, a typical unilateralist and protectionist practice that China
strongly condemns and firmly opposes," according to the statement.
The
US side published the list in disregard of the mutually-beneficial and
win-win nature of the China-US commercial cooperation in the past 40
years, the appeal of the Chinese and American business communities and
the interests of consumers, it said.
The move went against the
interests of China, the US and the world economy, seriously violating
the basic principles and spirit of the World Trade Organization (WTO).
China
plans to immediately bring relevant US practice to the dispute
settlement body of the WTO, and is ready to take countermeasures on US
products with equal force and scale that will be published in the coming
days.
"We have the confidence and ability to respond to any US trade protectionist measures," the spokesperson said.
Chinese
Foreign Ministry spokesman Lu Kang also made a response Wednesday,
saying the US tariff proposals are "typical unilateralist and
protectionist action".
China strongly condemns and firmly opposes such action, Lu said.
Despite
strong warnings from business groups and trade experts, US President
Donald Trump signed a memorandum on March 22 that could impose tariffs
on Chinese imports and restrictions on Chinese investment in the US.
The
memorandum is based on a Section 301 investigation, launched by the
Trump administration in August 2017, into alleged Chinese intellectual
property and technology transfer practices.
The move came after
the US administration took an increasingly hawkish turn on China, as it
blamed its trade deficit with major trading partners for its domestic
economic woes and job losses.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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