China in 'countermeasures' as US threatens new tariffs
BEIJING — Beijing yesterday vowed to take "countermeasures" after the US aimed a new tariff threat at $200 billion in Chinese imports.
"The Chinese government as always will have no choice but to take the necessary countermeasures," said China's ministry of commerce in a statement, without elaborating further.
The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable."
"This type of irrational behavior is unpopular," the statement said, adding China would tack on the case to its suit against the US at the WTO.
China yesterday said tit-for-tat tariffs will "destroy" trade between the world's top two economies, after Washington fired the next shot in a ballooning trade war, readying fresh levies on $200 billion in Chinese goods.
"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy SinoUS trade," assistant minister of commerce Li Chenggang told a forum in Beijing.
US policy "actually interferes with the process of economic globalization" and "damages the world economic order," charged Li.
On Friday, the US imposed 25-percent tariffs on around $34 billion in Chinese goods, sparking an immediate dollar-fordollar retaliation from Beijing.
Analysts have warned that a spiralling trade war between the world's two financial powerhouses could have a damaging impact on the global economy.
"It is a chaotic time in international trade," said Li.
He added: "Companies in both countries will suffer losses. There is no winner in a trade war. Cooperation is the only correct choice between China and the United States."
"It seems that the US is escalating the scale of this trade friction," said Li, adding: "The negative impact of the trade friction has already appeared."
The United States has escalated a trade war with China, threatening to impose fresh tariffs on another $200 billion in Chinese goods as soon as September, sparking a furious reaction in Beijing.