Washington (United States), June 16: Donald Trump administration on Friday slapped 25 per cent new tariffs on $50 billion of Chinese imports escalating a trade tussle between the two countries. Slamming to the new tariffs, Beijing said that China doesn’t want any trade war between the two countries and vowed to respond in kind. Also Read - Joe Biden Announces USD 1.9 Trillion Coronavirus Stimulus Plan to Revive US Economy
China said that it would strike back by in kind to the US tariffs, which will apply to roughly 1,100 exports and will target China’s aerospace, robotics, manufacturing and auto industries. Also Read - Trump Admin Blacklists Xiaomi, 8 Other Firms With Chinese Military Ties
“The US has kept changing its mind and now launched a trade war,” China’s Commerce Ministry said in response to the announcement. “We will immediately launch tariff measures that will match the scale and intensity of those launched by the US,” it added. Also Read - China Pakistan Economic Corridor: Where CPEC Stands Now?
“China does not want a trade war,” the ministry said, adding that it would “fight back vigorously” in defence of its national interests, globalization and the world trade system. Trump’s tariffs were “damaging” relations and “undermining the world trade order”, China said.
Alleging theft of American intellectual property, Trump warned China that it would “additional tariffs” if the country hits back with tit-for-tat duties on American goods and services exports. “If China retaliates, as it has already pledged to do, the US will impose even more tariffs,” Trump warned
Initially, according to the reports, the new tariffs will not cover full $50 billion in trade trump had threatened in March. US Trade Representative Robert Lighthizer on Friday said that the United States will begin collecting duties on 818 Chinese imports from July 6, 2018.
The tariffs were “essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs”, Trump said, adding that the US “can no longer tolerate losing our technology and intellectual property through unfair economic practices”.
With IANS inputs