China unveiled plans today to impose higher tariffs on USD 3 billion worth of American goods including pork and pipes in retaliation to US tariffs on steel and aluminium imports from Beijing, authorities said.
The measures suspending tariff concessions will target 128 US products including pork, wines and seamless steel tubes, the Ministry of Commerce said in a statement.
According to the ministry, the measures will include a 15-per cent tariff on products including fruits, nuts, wines and seamless steel tubes, and a 25-per cent tariff on pork and recycled aluminium products.
The measures will be implemented in two stages.
In the first stage, the 15-per cent tariff will be imposed if the two countries could not reach an agreement on trade issues within scheduled time.
In the second stage, the 25-per cent import tax will be imposed after evaluating the impact caused by the US policies, state-run Xinhua news agency quoted the ministry as saying.
The move was aimed at countering US decision to impose 25 per cent tariffs on steel imports and 10 per cent on aluminium, with initial exemptions for Canada and Mexico.
Yesterday, the Ministry said it would "take all necessary measures" to defend its rights and interests, responding to media reports that the United States will soon release results of a Section 301 investigation against China.
"China will absolutely not sit back watching its rights and interests be damaged," said an unnamed official in charge of the ministry's treaty and law department.
In August 2017, the US initiated an investigation into Chinese intellectual property and technology transfers under Section 301 of the Trade Act of 1974.
Today, Trump announced plans to impose tariffs on up to USD 60 billion in Chinese imports and limit the investment in retaliation for years of alleged intellectual property theft.
The White House said the actions were necessary to counter unfair competition from China's state-led economy.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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