The Chinese Ministry of Commerce says that its new tariffs will be applied to more than 5,000 U.S. products in two phases. The first stage would come into effect on September 1 and the second one on December 15.
China announced that it will impose additional tariffs worth 75,000 million dollars on imported products from the United States following the measure recently taken by President Donald Trump against the China’s customs fees.
“On December 15, tariffs of 25 percent, that China had suspended last April, will be resumed for U.S. cars and 5 percent for automotive industry parts and components,” the text added.
U.S. President Donald Trump responded in his Twitter account announcing an additional 5 percent tariff on Chinese imports worth approximately US$300 billion. He announced that all “goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%.”
Wall street main indexes lost more than 1 percent on Friday after previous President Donald Trump statements ordering U.S. companies “to immediately start looking for an alternative to China” on Thursday.
China reiterated it will not stand by idly to Trump’s measures and has vowed to respond accordingly. “Trade wars do not produce winners. China does not want a trade war, but is not afraid to face one, and will fight it if necessary,” said ministry of commerce spokesperson, Gao Feng.
“If the US side goes forward stubbornly, that will have a serious negative impact on US consumers and businesses,” the Chinese official added.
On August 13, the commercial negotiating chiefs of China and the United States spoke via telephone and agreed to resume dialogue again in two weeks. “The two negotiating teams have maintained communication,” Gao Feng explained.