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Wednesday, July 11, 2018, 22:10
China warns US against proposed tariffs on goods worth US$200b
By Xinhua
Wednesday, July 11, 2018, 22:10 By Xinhua

BEIJING – The latest tariffs proposed by the United States on Chinese imports worth US$200 billion will hurt globalization and China will take necessary countermeasures to resolutely safeguard its rights and interests, Chinese officials said Wednesday.

The comments came a day after the Donald Trump's administration announced it would levy 10 percent tariffs on additional Chinese goods US$200 billion worth.

"The behavior of the US is typical 'trade bullying," Chinese Foreign Ministry spokesperson Hua Chunying said at a daily press briefing.

"The behavior of the US is typical 'trade bullying," Chinese Foreign Ministry spokesperson Hua Chunying said at a daily press briefing.

"The behavior of the US is typical 'trade bullying," Chinese Foreign Ministry spokesperson Hua Chunying said at a daily press briefing.

This is a war between unilateralism and multilateralism, between protectionism and free trade, and between power and rules

Hua Chunying, Chinese Foreign Ministry spokesperson

"The behavior of the US is typical 'trade bullying," Chinese Foreign Ministry spokesperson Hua Chunying said at a daily press briefing.

"This is a war between unilateralism and multilateralism, between protectionism and free trade, and between power and rules," Hua said. "China will work with the international community to jointly safeguard the multilateral trading system and rules."

READ MORE: US$200b more in proposed tariffs deemed 'reckless strategy' in US

In fact, the trade war launched by the US has already caused concerns by the international community. International Monetary Fund (IMF) chief Christine Lagarde, World Trade Organization (WTO) chief Roberto Azevedo, former US Federal Reserve Chairman Alan Greenspan, and the governor of the Bank of England Mark Carney all expressed their concerns or warned of the consequences of the US move.

Hua said, countries around the world are interdependent, sharing weal and woe, since their economies are integrated into the global industrial and value chain to varying degrees.

Holding on to the outdated zero-sum mentality and willfully launching the trade war not only undermines interests of the two parties directly involved, but also others in the global industrial chain, and there will be no winner, Hua said.

Forty percent of Chinese export goods and two-thirds of its export high-tech products are made by foreign enterprises in China, according to Hua. 

"The US is not only opening fire to the whole world, but also firing at itself," Hua said. "Authoritative sources of the world economic circles have said that the irrational behavior of the US is dangerous, hurts itself and others, and is discredited."

She called on the international community to resolutely reject unilateralism, oppose protectionism, and safeguard the multilateral trading system and free trade rules. 

Earlier in the day, Assistant Commerce Minister Li Chenggang said there are no winners in a trade war, adding that cooperation is the only correct choice for sustainable bilateral relations.

Additional tariffs will put tremendous pressure on global companies and consumers, said Li.

China will not change its long-term commitment to improve the domestic business environment, oppose the unilateral measures and support the multilateral trading system, Li said.

Additional tariffs will put tremendous pressure on global companies and consumers

Li Chenggang, Assistant Commerce Minister, China

The country will continue to open up and provide global companies with development opportunities, he added.

Meanwhile, an MOC spokesperson voiced solemn protest against the US announcement of the additional tariffs.

"The United States has unveiled the list of tariffs in an escalating manner. This is totally unacceptable," the spokesperson said.

ALSO READ: US-China trade row challenge to global economy, says envoy

"By doing this, the United States is hurting China, hurting the whole world, and hurting itself. The irrational act goes against the will of the people.”

China will immediately lodge an additional complaint with the World Trade Organization “over the unilateral acts of the United States," added the spokesperson.

(Jing Shuiyu and Ren Xiaojin contribute to this report)

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