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China imposed tariffs on some imported goods originating in the United States from June 1, is to reserve a buffer? The Commerce Department responded.
After the United States announced that it would raise the tariff rate on us $200 billion worth of Chinese imports from May 10, 2019 to 25% from 10%, China also announced countermeasures, raising the tariff rate on some imported goods originating in the United States from June 1, 2019 to 0.
Is June 1st a buffer of a few weeks? It has been noted that China has not set the tariff rate at 25% for all us $60 billion of imported goods. Instead, it has divided the tariff rate into 5 percent, 10 percent, 20 percent and 25 percent.
Ministry of commerce's gao feng responded:
China does not want to fight a trade war, but it is not afraid of it either. As a result, China has to take necessary countermeasures against the us side's wrong move of imposing tariffs.
China has noted the U.S. trade representative's office and the U.S. customs and border protection agency announced in a statement, on May 10, zero before leaving China, June 1, the goods entering the United States still apply duty tax rate 10%, however, this does not change the us impose tariffs on Chinese imports new measures have on May 10.
China is always opposed to unilateral tariff measures. Us tariff increases will only make the negotiations more difficult. We urge the us side to call off its erroneous practices at an early date so as to avoid greater losses to Chinese and American businesses and consumers and recessionary impact on the world economy.
Some journalists put forward:
The United States has threatened to impose tariffs on $300 billion worth of goods, but China cannot retaliate if its total imports from the United States do not reach that figure. What else will China do to protect its interests? US President Donald trump has said he plans to meet with President xi jinping next month. Are there plans for further talks between the us and China in the coming weeks?
Ministry of commerce replies:
On May 13, the office of the United States trade representative (ustr) announced that it would begin the process of imposing tariffs on about $300 billion of Chinese goods. The us approach of bullying and extreme pressure runs counter to multilateral trade rules. China is firmly opposed to this. If the us goes ahead, China will have to respond as needed. China always believes that the practice of increasing tariffs is not conducive to the settlement of economic and trade issues. China has never been afraid of any pressure, and is confident, determined and capable of meeting any risks and challenges.
China is not aware of the us's plans for consultations in China. During the 11th round of china-us high-level economic and trade consultation, the two sides had candid and constructive exchanges. However, it is regrettable that the us side has continuously escalated trade frictions unilaterally, causing serious setbacks to china-us economic and trade consultations.
The economic cost of a trade war
A number of research institutes and scholars have recently been measuring the economic cost of a trade war.
Does China have any specific assessment data on the loss of China's economy and trade caused by the existing tariff measures?
In addition, what measures will China take to hedge against the escalation of existing tariff measures?
We have noticed that there are many consumer goods in China's latest list of countermeasures. Will this wave of countermeasures raise the price of domestic consumer goods?
Ministry of commerce replies:
The escalation of trade frictions between China and the United States will have a certain impact on the economies of the two countries and the world economy. As far as China's economy is concerned, the impact is entirely manageable. In the second half of last year, we adopted measures to stabilize employment, finance, foreign trade, foreign investment, investment and expectations. We will further implement the "six stability measures" and address the difficulties faced by enterprises. At present, the price of domestic consumer goods is stable. We will follow closely the trend and take necessary measures in a timely manner.
We have noticed that the American soybean association, member of the us-china business council and institutions in the United States, have recently called for, to stop the escalating tariffs, the American association of equipment manufacturers also warned that would impose tariffs on imports from China manufacturers of this industry have dire consequences, even may be less employment for industry in the next 10 years up to 400000 jobs.
The domestic industry is opposed to the tariffs. Now more and more people are feeling the impact of the tariffs. This fully proves that there is no winner in a trade war, and it will harm the interests of China and the United States and the world at large.
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