China says tariff threat against US 'justified'

AFP  |  Singapore 

China's today said his country's threat to impose retaliatory tariffs on USD 60 billion of American goods in an escalating trade spat was "fully justified".

suggested the rate on the proposed extra tariffs could be increased from 10 to 25 per cent.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

claims that China's export benefits from unfair policies and subsidies, as well as theft of American technological know-how.

Speaking on the sidelines of a security forum in Singapore, said China's threat of retaliatory tariffs was "fully justified and necessary".

"These are measures taken out of the consideration for upholding the interests of the Chinese people," he said, speaking through a

He said the move was also aimed at upholding the "global free trade regime" that was underpinned by the

Wang also hit back at comments by top Larry Kudlow, who ridiculed China's threat as "weak" and said the world's second-largest was in significant "trouble".

"As to whether China's is doing well or not, I think it is all too clear to the whole international community," Wang said, adding that contributed a huge amount to global economic growth.

"I don't see why he would come to the conclusion that China's economy is not doing well."

In early July, the US imposed 25 per cent tariffs on USD 34 billion of Chinese goods, with another USD 16 billion to be targeted in coming weeks, sparking retaliatory measures from

Days later, unveiled a list of another USD 200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 percent import duties.

But Trump raised the stakes this week with his threat to lift the rate.

has said new duties will be applied only if Washington pulls the trigger on its new tariffs.

The has been keen to show he is tough on trade ahead of tricky in November -- but there are growing signs of concern in the that the dispute could affect Trump's political base.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, August 04 2018. 14:25 IST