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China must take countermeasures in response to latest US tariffs: Ministry

Iran Press TV

Thu Aug 15, 2019 05:39PM

China's ministry of finance says Beijing needs to take necessary countermeasures against the latest round of US tariffs imposed on $300 billion of Chinese products as part of an escalating trade war.

The ministry said Thursday the US duties violate a consensus reached by Chinese President Xi Jinping and his American counterpart Donald Trump to settle disputes through negotiation.

Early this month, Trump tweeted that Washington will commence imposing tariffs of 10 percent on the remaining $300 billion of goods and products coming from the Asian country to the US from September 1.

The surprise tariff announcement came days after officials from the US and China restarted trade talks in Shanghai, China.

However, Trump backed off on part of the plan on Tuesday, postponing tariffs on some items such as cell phones, laptops and other consumer goods.

He hoped that the move could blunt their impact on US holiday sales. However, tariffs will still apply to those products from mid-December.

Possible retaliatory measures by China could include tariffs, a ban on exports of rare earths, and penalties against US companies in China, according to analysts.

On Thursday, Foreign Ministry spokeswoman Hua Chunying said Beijing hoped that Washington would "meet China halfway, and implement the consensus of the two heads of the two countries in Osaka", Japan.

Beijing hopes to find mutually acceptable solutions through dialogue and consultation on the basis of equality and mutual respect, she added.

The Chinese yuan has fallen to its lowest level against the dollar since August 2010.

Trade talks between the US and China collapsed in May after Washington sharply hiked tariffs on $200 billion worth of Chinese goods, prompting Beijing to retaliate.

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