Ready to retaliate against US tariff plan: China

In a move which could trigger an all-out trade war, China today said it will retaliate against US move to impose tariffs while condemning President Trump's measure to impose tariffs on worth $50 billion on Chinese goods.

China has notified the WTO(World Trade Organization) of imposing $611.5 million in retaliatory tariffs on $2.75 billion worth of US imports including pork, nuts and ethanol.

According to news reports, China has now fulfilled its legal duty of notifying the WTO after it had decided to impose tariffs a few days back. 

Add WION as a Preferred Source

Last month President Trump had imposed tariffs worth $50 billion on Chinese goods entering the US, including 25 per cent tariffs on steel and aluminium.

The Chinese Finance Ministry said the US violated WTO regulations while adding that "China advocates and supports a multilateral trade system."

Meanwhile, the United States on Tuesday announced a "proposed list" of products imported from China that could be subject to additional tariffs of 25 per cent.

Sectors subject to the proposed tariffs include industries in aerospace, information and communication technology, robotics and machinery.

The total value of imports subject to the tariff increase is commensurate with an economic analysis of the harm caused by China's unreasonable technology transfer policies to the US economy, the US Trade Representative(USTR) said.

"We have a problem with China. They've created a trade deficit, and I really blame our representatives and, frankly, our preceding presidents for this. They have a trade deficit of $500 billion a year. It's not something we can live with," Trump told reporters during a media interaction with visiting Baltic leaders.

The theft of intellectual property alone, he said, is probably around $200-300 billion a year.