The US has published a list of $50 billion in Chinese imports set to be targeted by 25% duties. This measure was foreseen in a memorandum entitled “Fight against Chinese economic aggression” and signed by US President Donald Trump. The list includes such Chinese products as cars, motorbikes, rail transport, machines, medical and other equipment, aircraft parts, satellites – in total 1,3 thousand items.
According to the US Department of Commerce, “the embargo list is based on a wide interdepartmental analysis and it aims those Chinese items, which profit due to industrial plans of China.” The taken measures, also indicated in the list, “will softly influence U.S. economy”.
In turn, the Chinese Ministry of Commerce has affirmed its readiness to impose tariffs on $50 billion worth of U.S. goods in response to proposed U.S. tariffs.
Since April 2, China has already brought in 15% – 25% tariffs for the range of American export items with worth $3 million.
On April, 4 the Chinese foreign ministry’s spokesperson Lu Kang said:
“Meanwhile, in accordance with the relevant stipulations of the Foreign Trade Law of the People’s Republic of China, we will take proportionate measures of the same intensity and scale on US products. These measures will be announced soon. We have the confidence and capability to counter any measure of trade protectionism taken by the United States.”
China’s deputy finance minister has insisted that a trade war would be a “lose-lose” situation. But Beijing has made it clear that it won’t back down.