March 23, 2018

US tariffs controversy: China unveils tariffs aimed at US goods, including pork
 

China has unveiled plans on March 23 to impose tariffs on up to US$3 billion of US imports, including pork, in retaliation against US tariffs on Chinese steel and aluminium products.

The latest development came as the world's two biggest economies edge closer to a trade war with each other.

China was considering a 15% tariff on US products including dried fruit, wine and steel pipes and a 25% tariff on pork products and recycled aluminium, the commerce ministry said in a statement on its website.

China has assembled a list of 128 US products in total that could be targeted if the two countries are unable to reach an agreement on trade issues, the ministry added.

US President Donald Trump signed a presidential memorandum this week targeting up to US$60 billion in Chinese goods with tariffs, but only after a 30-day consultation period that starts once a list is published.
 

Beijing's disclosure of its planned retaliation to proposed tariffs on Chinese metal exports to the US, served as a warning to Washington as both sides brandished their weapons while holding off from starting a full-blown trade war.

The commerce ministry said China would implement the measures in two stages: first, the 15% tariff on 120 products, including steel pipes and wine worth US$977 million, and later, the higher 25% tariff on US$1.99 billion of pork and aluminium.

"We intend to impose tariffs on certain US imports to balance out the losses caused to Chinese interests by the US tariffs on imported steel and aluminium," the ministry said.

The ministry added it would take legal action under the framework of the World Trade Organization to maintain the stability of global trading rules. It added, however, it hoped it could resolve issues with the US through dialogue
 

- Reuters