In retaliation to President Donald Trump’s tariff against the world, China has responded with similar energy as countermeasures, slamming a 34 per cent tariff on imports from the US.The Chinese Ministry of Finance made the announcement yesterday Friday to match the same 34 per cent tariff President Trump has earlier imposed on the Asian giant within the week.
Accordingly, the Chinese Ministry of Commerce disclosed that the tariff will take effect on Thursday, 10 April.
Mr Trump in an effort to justified the tariff had described it as payback for unfair trade policies used in the past years. He imposed a 10 per cent “minimum baseline tariff” on all imports into the country and reciprocal tariffs, which specifically target imports from 60 nations including Nigeria.
China is among the countries most impacted by the policy. Earlier in the year, Mr Trump imposed a 20 per cent import duty tied to fentanyl trafficking on the country. As a result, Chinese imports now face tariffs well above 50 per cent in the United State.
President Trump has also expressed plans to end duty-free shipping of small parcels from China under the “so-called de minimis exemption.”
In a statement, the Chinese Commerce Ministry has described the policy as conter-productive to the balance of interests established over the years of multilateral trade negotiations.
China in determination to retaliate it announced a stiffer export controls especially on key minerals and businesses, limiting what could be exchanged with the US.
The Ministry said, “The purpose of the Chinese government’s implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation”.
Reacting however, President Trump has criticized China’s retaliatory measure in a post on Truth Social, saying, “China played it wrong. They panicked – The one thing they cannot afford to do!”
WTO
In a related development, China has also filed a formal complaint against the new US tariffs with the World Trade Organisation (WTO).
China argued that President Trump’s recent policy violates WTO rules and is requesting consultations.
The Permanent Mission of China to the World Trade Organization said in a statement on Friday, “China has filed the WTO complaint with respect to the United States’ measures.”
The trade war, sparked by Mr Trump’s sweeping reciprocal tariffs on all imports, has raised concerns about rising prices for goods and services, as well as potential long-term harm to the country’s economy
