BEIJING/WASHINGTON: China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade…
BEIJING/WASHINGTON: China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on US$200 billion (£151.5 billion) of Chinese goods in a move that rattled global markets.
China’s commerce ministry said on Wednesday it was « shocked » and would complain to the World Trade Organisation, but did not immediately say how Beijing would retaliate in the dispute between the world’s two biggest economies. In a statement, it called the U. S. actions « completely unacceptable ».
The Chinese foreign ministry said Washington’s threats were « typical bullying » and described the dispute as a « fight between unilateralism and multilateralism ».
U. S. officials on Tuesday issued a list of thousands of Chinese goods to be hit with the new tariffs. The top items by value were furniture at US$29 billion of imports in 2017, network routers worth US$23 billion last year and computer components to the value of US$20 billion.
The list is subject to a two-month public comment period.
Some U. S. business groups and lawmakers from President Donald Trump’s own Republican Party who support free trade were critical of the escalating tariffs. The Republican-controlled Senate voted 88-11 in favour of a non-binding resolution calling for Congress to have a role in implementing such tariffs.
Republican U. S. Senate Finance Committee Chairman Orrin Hatch said the U. S. announcement « appears reckless and is not a targeted approach. » Republican U. S. House of Representatives Speaker Paul Ryan accused China of unfair trade practices but added, « I don’t think tariffs are the right way to go. »
The U. S. Chamber of Commerce has supported Trump’s domestic tax cuts and efforts to reduce regulation of businesses, but does not back Trump’s aggressive tariff policies.
« Tariffs are taxes, plain and simple. Imposing taxes on another US$200 billion worth of products will raise the costs of every day goods for American families, » a Chamber spokeswoman said.
