In its first reaction to the United States’ Tariffs, China said that it will take “resolute counter-measures.” China’s commerce ministry on Thursday announced their decision against the “reciprocal tariffs” declared by US President Donald Trump on all US trade partners. The ministry further urged Washington to cancel the unilateral tariff measures. Amid worldwide criticism, Trump declared a national economic emergency and announced tariffs of at least 10 per cent across all countries, with rates even higher for 60 countries.
“There is no winner in a trade war, and protectionism leads nowhere. China urges the US to immediately remove unilateral tariffs and resolve differences with trade partners through dialogue,” a ministry spokesperson said as cited in the Chinese State-owned Global Times.
What Did China Say?
“China urges the United States to immediately cancel its unilateral tariff measures and properly resolve differences with its trading partners through equal dialogue,” CNN quoted the spokesperson as saying.
The tariff plan imposed high levies on many countries, including 26 per cent on India, 49 per cent on Cambodia, 46 per cent on Vietnam, 34 per cent on China, 24 per cent tariff on Japan, 20 per cent on the EU, US media reported, noting that more than 180 countries and regions will face tariffs.
The US claims that it has suffered losses in international trade and is using so-called “reciprocity” as a justification to raise tariffs on all its trading partners. This approach disregards the balance of interests achieved through years of multilateral trade negotiations and ignores the fact that the US has long reaped substantial benefits from international trade, the Chinese commerce ministry (MOFCOM) spokesperson said, Global Times reported.
“The so-called ‘reciprocal tariffs,’ determined based on unilateral and subjective assessments, violate international trade rules, severely undermine the legitimate rights and interests of relevant parties, and represent a typical act of unilateral bullying. Many trading partners have already expressed strong dissatisfaction and clear opposition to this move,” the spokesperson said.
History has proven that raising tariffs does not solve US’ own problems -it harms US interests while also threatening global economic growth and the stability of industrial and supply chains, the Chinese spokesperson was cited as saying in the Global Times.
Also Read: Trump’s 26% Tariff On India: Will US Trade Policy Leave ‘America Alone’? Market Expert Weighs In
