China on Tuesday said the latest set of tariffs imposed by the US on $200 billion worth of Chinese goods will force Beijing to take countermeasures and warned that the move would add more uncertainties to the trade talks.
The US on Monday slapped 10 per cent additional taxes on $200 billion worth of Chinese products, taking the ongoing trade war with China to the next level.
“We feel deeply regretful over the decision. China will be forced to take synchronous countermeasures to safeguard our legitimate rights and interests as well as the global free trade order,” the Chinese Commerce Ministry spokesperson said in a statement.
“The US additional tariffs have brought new uncertainties for bilateral consultations.”
“We hope that the US side recognizes the potentially harmful consequences of such an action and timely rectify the situation with convincing means,” the spokesperson added.
The Chinese Foreign Ministry said that “what the US has done shows no sincerity and no good faith at all”.
“We have been stressing that talks need to happen on the basis of parity, equality and good faith to resolve the relevant issues between the two sides. This is only way out,” Ministry’s spokesperson Geng Shuang said.
Asked what kind of retaliatory action will China take, Geng said Beijing will take countermeasures in due time.
The two largest economies of the world have already levied taxes worth $50 billion on each other goods. The new set of tariffs announced by the US will come into effect on September 24.
A tax of 10 per cent will be levied on Chinese imports worth $200 billion and will be increased to 25 per cent from January 1, 2019.
Trump threatened China with another tranche of tariffs on its products worth $267 billion if Beijing responded in kind to the US move.
If Washington presses ahead with taxes on $267 billion worth of Chinese imports in the future, this will mean additional tariffs on entire Chinese exports to the US.
Washington accuses Beijing of unfair trade practices such arm-twisting US firms in China to transfer technology to domestic companies and cyber theft.