Beijing: China reaffirmed its tit-for-tat attitude to the Trump administration’s taxes by increasing its further charges on imports from the US to 125 per cent against US responsibilities of 145 per cent even as it piqued Washington’s attention in a resolution to the impasse. China’s Customs Price Commission announced an additional 12 % tariff, saying that” Even if the US imposes higher taxes, it would no longer make economic sense and eventually get down as a joke in world monetary history.”
China may reject it if the United States imposes additional tariffs on Chinese products, it said, adding that it is already difficult for the Chinese industry to take US imports at the present tariff level.
Beijing will get strong countermeasures and fight the end, the commission added, if the US continue to significantly undermine China’s interests.
It stated that China’s fresh 125 percent levies on US imports will start taking effect on Saturday.
The news comes in response to the US’s decision to impose “reciprocal taxes” on Chinese goods at a rate of 125 %. The US later confirmed that the full price on Chinese goods was 145 per share, including the 20 per cent levies that Trump had announced just before he won office in January of this year.
Trump’s big taxes forced China to fight back alone while he halted tariffs against all other nations.
China has also filed a lawsuit against the US with the World Trade Organization’s ( WTO ) dispute settlement mechanism, according to a spokesperson for the Chinese Commerce Ministry.
China, but, kept its door opened for discussions to resolve the problem while imposing further steps. Lin Jian, a spokesman for the Chinese Foreign Ministry, stated on Friday that the US must stop using its strongest force and careless behavior if it really wants to fix problems through dialogue and negotiation.
China has repeatedly stated its location on the levies. In business war or tariff wars, there are no finalists. China is not scared to go to wars of this kind, Lin said at a press presentation in Beijing.
According to him, any speech must be founded on equality, mutual respect, and benefit. He added that if China were to insist on furthering tariff wars, it would stubbornly take the lead.
Compromising and agreement are no viable options in the face of US identity and force, Lin continued.
In addition to a meeting of the country’s ambassadors in various nations on Thursday, Chinese Foreign Minister Wang Yi discussed Beijing’s political interests in light of the US price war against China.
