Friday vowed to retaliate in response to any U.S. decision to impose tariffs
against $200 billion worth of annual imports from China.
Citing a Chinese Finance Ministry statement,
the South China Morning Post on Friday reported that China
would impose tariffs ranging from 5 percent to 25 percent on $60 billion worth
of U.S. products, should the United States follow through on its threats
against the $200 billion in Chinese products. China has announced plans to
impose tariffs against $50 billion in annual U.S. exports, some of which are
already being implemented.
If China ends up following through on its
threat, that would leave the country with about $20 billion more of U.S. goods
in annual export value to retaliate against, as the United States exported only
about $130 billion worth of goods to China in 2017. China exported about $505
billion worth of goods to the United States last year.
has repeatedly betrayed the consensus reached by negotiations and accelerated
the trade war unilaterally again,” the South China Morning Post reported
the finance ministry as saying. “It has seriously violated the principles of
the World Trade Organization.”
USTR-led interagency Section 301 Committee is scheduled to hold a hearing to
examine potential Section 301 tariffs on $200 billion worth of goods Aug. 20-23
at the International Trade Commission in Washington, D.C.
If the United States follows through in imposing tariffs across
the $200 billion worth of goods, it could add up to tariffs imposed on a total
of $250 billion worth of Chinese goods in annual import value. The Trump
administration is considering whether to impose 25 percent tariffs against $16
billion worth of Chinese goods, after levying 25 percent tariffs across $34
billion worth of Chinese goods starting July 6.