China on Thursday urged the United States to immediately cancel its latest tariffs and vowed countermeasures to safeguard its own interests, after President Donald Trump declared sweeping levies on U.S. trading partners around the world.
The U.S. move disregards the balance of interests reached in multilateral trade negotiations over the years and the fact that it has long benefited greatly from international trade, China's Commerce Ministry.
"China firmly opposes this and will take countermeasures to safeguard its own rights and interests," the ministry said, as the world's largest economies look set to spiral deeper into a trade war that stands to upend global supply chains.
China would be hit with a 34% tariff, on top of the 20% he previously imposed earlier this year, bringing the total new levies to 54% and close to the 60% figure he had threatened.
Chinese exporters, like those from other economies around the world, will face a 10% baseline tariff, as part of the new 34%
The U.S. move disregards the balance of interests reached in multilateral trade negotiations over the years and the fact that it has long benefited greatly from international trade, China's Commerce Ministry.
"China firmly opposes this and will take countermeasures to safeguard its own rights and interests," the ministry said, as the world's largest economies look set to spiral deeper into a trade war that stands to upend global supply chains.
China would be hit with a 34% tariff, on top of the 20% he previously imposed earlier this year, bringing the total new levies to 54% and close to the 60% figure he had threatened.
Chinese exporters, like those from other economies around the world, will face a 10% baseline tariff, as part of the new 34%
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